Electronic Equipment Insurance
This is an comprehensive all risk insurance cover for the electronic equipments like laboratory testing equipments, electronic control panels in industries, telecommunication equipments, material testing and research equipments, signal and transmitting units, equipments in film studios, radio and TV stations, computers, audio visual equipments etc. The policy covers sudden, unforeseen and accidental physical damages including breakdown to the electronic equipment due to any reason except for those specifically excluded in the policy. The policy covers loss or damages due to theft, burglary, falling objects, short circuits, act of god risks, and malicious damages.
The policy pays for the cost of repair or replacement of the equipment. It also covers expenses for installation, ordinary freight, duties and taxes. The sum insured selected for each equipment is subject to condition of average. Additional expenses towards rentals of replaced equipment during the equipment downtime, cost of reconstituting the data, additional transport, additional custom duties, express air freight can also be covered on payment of additional premium. The policy does not cover war or allied perils, nuclear and radiation risks, willful act of negligence, consequential losses, gradual wear and tear, losses falling within manufacturer’s warranty or maintenance contracts, aesthetic defects, losses to consumables and faults/defects existing prior to taking insurance.