Electronic Equipment Insurance

Complete protection for all your electronic equipment
Introduction

Electronic equipment is common among all streams of businesses and industries today. Majority of the valuable data is stored in electronic devices compared to online cloud storage. Damage to such equipment can cause huge financial losses and affect businesses. Thus, Electronic Equipment Insurance (EEI) offers comprehensive coverage to loss of electronic goods and helps you save on unavoidable costs. This policy covers equipment such as computers, printers, scanners, industrial electronic machines, servers and data storage equipment. 

  • All Risks: The policy covers both fire and man-made perils.
  • External Data Media: This covers the expenses caused due to loss of data on external media devices like hard disks and magnetic drives.
  • Increased Cost of Working (ICOW): This is the cover for substituted data processing unit. When the insured equipment gets lost or damaged and an alternative tool or additional workers are used to carry on the work, the expenses are covered by electronic equipment insurance.

Advantages of Electronic equipment Insurance

  • Extensive coverage provided under three sections.
  • Covers both partial and total loss due to material damage of equipment.
  • Expenses incurred on restoration of data covered.
  • Covers additional costs for continued data processing to ensure continued operations.

      Basic coverage

      The following are the basic coverage offered in Electronic Equipment policy.

      Sudden ,unforeseen and accidental loss or damage to equipment caused by-

      • Fire, lightning and explosion.
      • Electrical and Mechanical breakdown.
      • Flood and water damages.
      • Extraneous impact and collision.
      • Burglary and theft.
      • Cyclone, storm and other atmospheric disturbances.
      • Failure of air-conditioning equipment.
      • Negligence, faulty operation, carelessness.
      • Riot, strike and malicious damages.
      • Entry of foreign body, dirt.
      • Subject to exceptions as per the policy.

      Possible extensions to the coverage:

      • Third Party Liability
      • Airfreight
      • Express freight
      • Owner’s Surrounding Property
      • Escalation
      • Additional Customs Duty

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