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Wednesday, 12 August 2015

Electronic Equipment Policy

Every company has some sort of electronic equipment that is an essential part of running the business. If this very important item of electronic equipment should be lost or damaged the consequences can have a huge impact and disrupt day to day operations. This is why an electronic equipment policy is very important to a business where it requires systems which generally require very low voltage and power.

An Electronic Equipment policy is designed to meet the needs of both owners and hirers of equipment. The benefits of this policy incudes:

  •     Television and broadcasting equipment.
  •     Radio equipment.
  •     Measurement process equipment for engineering and research.
  •     Medical equipment.
  •     Office equipment.
  •     Telecommunications equipment (other than computers).
  •     Electrical breakdown, malicious damage, subsidence or collapse, lack of skill and theft.
  •     World-wide protection available for portable equipment.
  •     Completion of a proposal form is not required.

Scope of Cover – the policy is divided into three sections:

  1. This Section covers the accidental damage to the insured equipment against “All Risks,” namely: Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire (Fire & Allied Perils)
    •  Electrical & Mechanical Breakdowns
    •  Burglary & Theft
    • Negligence, Lack of Skill, Carelessness
  2. This Section covers Loss/Damage to external Data Media i.e. Tapes, Discs, magnetic drives etc. caused by any peril as mentioned earlier in Section-I. The cost of restoration of the stored data can also be covered (provided backup system is available).
  3. Increased cost of working (ICOW) for use of substituted electronic equipment for continued data processing following indemnifiable damage to insured electronic equipment can be covered under this Section.

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