ELECTRONIC
EQUIPMENT POLICY :
Index
: 1. Scope of
Cover . 2. EXCLUSIONS .
3. OTHERS . 4 . SUM INSURED .
5. BASIS OF INDEMNITY .
6. EXTERNAL DATA MEDIA . 7 . INDEMNITY . 8 . INDEMNITY PERIODS . 9 . SETTLEMENTS
OF LOSS .
Electronic equipment policy is an annual contract
and is an all risk . Policy for the electronic equipment such as
computers, micro processors , word processors, telecommunication
equipment machines meant for bio-medical use and other
miscellaneous equipment like films, television studio equipment,
electronic score boards can be covered under this policy
Scope of Cover Index
i) Location perils : Fire, lightning , explosion ,
flood, storm etc. earthquake and such other natural calamities .
ii) Breakdown : Any electrical / mechanical breakdown .
iii)Faults : Faulty design, faulty materials, faults in
manufacturing / assembly erection.
iv)Effect of moisture : Damage due to moisture and erection .
v) Carelessness : Damage due to faulty / careless /negligence
operations by employees .
vi) Riot and strike : Riot and strike damage malicious damage .
vii) Burglary : loss or damage doe to theft or burglary /
house-breaking .
EXCLUSIONS :Index
i) Inherent vice : Wear and tear , loss due to defects known to
the insured at the time of commencement of the policy.
ii) Manufacturers : The loss/damage for which manufacturers
Responsibility suppliers are responsible under guarantee.
iii) Willful Act : Due to any
willful act or willful negligence of the insured or his
representative(s).
iv) Cessation : Cessation of work whether total or partial
vi) Excluded perils : (i) War, Invasion and the like
(ii) Nuclear reaction/Radiation or radio contamination.
vii) Interruption : Loss or damage due to interruption caused
bythe failure of the any gas, water or electricity serviceor
supply.
OTHERS :Index
(i) Functional Failure : Maintenance Costs
(ii) Hired Equipment : For the equipment hired for which the
owner is responsible.
(iii) Consequential Loss : Consequential loss or any find loss or
damage to bulbs, valves , tubes etc. aesthetic defects.
POLICY CONSISTS OF 3 SECTIONS :
i) SECTION : Material damage
ii) SECTION : External data media
iii) SECTION : Increased cost or working.
(i) SECTION : MATERIAL DAMAGE :
SUM INSURED:Index
The sum insured should be equaled to the cost of
replacement of property by new property of the same kind and same
capacity which means that the replacement cost should include
freight and custom duties if any erection charges .
BASIS OF
INDEMNITY :Index
i) Loss or damage to equipment can be
indemnified in partial loss basis and total loss basis.
ii) Claim will be paid for damaged equipment including all
expenses necessarily incurred to restore the damaged machine to
its former state.
iii) No depreciation shall be lade for depreciation in respect of
parts replaced except those with limited life, but value of
salvage will be taken into account.
iv) An insured item is destroyed the insurer will pay actual
value of the item immediately before the occurrence of the loss,
including cost of ordinary freight, erection such actual value to
be calculated by deducting proper depreciation from the
replacement value of the item.
2) SECTION :
EXTERNAL DATA MEDIA Index
SUM INSURED :
The sum insured should be the amount required for
restoring the insured external data media by replacing the loss
or damaged data media by new material and reproducing lost
information.
INDEMNITY:Index
The insurer will indemnify any expenses that can
be proved to have been incurred the insured within a period of 12
months as from the date of the occurrence strictly for the
purpose of restoring insured external data media to a condition
equipment to the existing prior to the occurrence and necessary
for permitting data processing operations to be continued in the
normal manner .
If the lost data is not to reproduced or is not restored within
12 months then new material cost of data media is paid .
iii). SECTION : INCREASED COST OF WORKING :
Sum insured :
The sum insured should be the amount which the insured would have
pay as additional expenditure for 12 months use or substitute
E.D.P. equipment insured . The sum insured is to be based on the
amounts agreed per day and per month.
The charge like personal expenses ,and costs for transportation
of materials may also be included separately in .
INDEMNITY PERIODS Index
The indemnity period shall commence with
putting into use the substitute equipment the insured shall bear
that proportion of each claim which corresponds to the time
excess agreed .
SETTLEMENTS OF LOSS :Index
The company will indemnify those costs and
expenses which can be proved to have been incurred during the
same period, if know insured event had occurred .
AVAILABLE DISCOUNTS UNDER EEI POLICY
* The risks having sum insured more than Rs. one
crore , special rating will be done by TAC.
1. For value exceeding 25 crores at one location there is a
provision for special discount quantum of this discount may be
Upto 15%
2. DISCOUNT OF OPTING HIGHER EXCESS:
3. Claim Experience discount under special rating
risk.
* AMC should cover following also :-
(i) Safety Checks
(ii) Preventing Maintenance
(iii) Rectification of loss or damage or
faults arising from normal operation as
well as from aging
In absence of above maintenance contract loading on basic rate
will be as below :
i) For equipment Upto Rs. 1 lack : 50% loading is applicable
ii) For equipment above Rs. 1 lack : 100% loading
however following points to be noted :
a) No loading for waiver of maintenance or contract for personal
computers Upto Rs. 1 lack
b) Loading of Rs . 100% can be reduced to 50% where competent
in-house maintenance facilities are available for which details
to be furnished.
RATES : Index
All Electronic Equipment : 1.003% mentioned above.
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