ELECTRONIC EQUIPMENT FAQs
What does the policy offer?
The electronic equipment insurance policy is an all-risk policy designed for computers, medical, biomedical, microprocessors, and audio/visual equipment including the value of system software. Rates are tariffed.
The policy is specially designed for electronic equipment and consists of three sections out of which sections II and III are optional.
How many sections are there in the policy?
Section I (Material Damage Section covering equipment):
- Deals with the hardware e.g.: computer main body. Extra covers are available for overtime, night works, and work on public holidays by charging an additional premium. Issued along with the Maintenance Agreement clause. Terrorism risk is also covered.
Section II (External Data media):
- Covers external data media or E.D.P. The sum insured shall be the cost of the data media plus charges for producing the information.
Section III (Increased cost of working):
- Covers increased cost of working.
How is rate determined?
The rating depends on:
- Type of Equipment.
- Deductible franchise.
- Annual Maintenance Contract.
What additional coverage is offered?
- Express freight.
- Air freight.
- Owners Surrounding Property.
- Third-party Liability.
- Additional custom duty.