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Electronic Equipment Insurance


This policy is specially designed to cover computers and other electronic equipment and it applies whether the insured items are at work or at rest or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises, or in the course of the aforesaid operations themselves, or during subsequent re-erection, but in any case only after successful commissioning.  The policy can also be extended to cover the external data media such as tapes and disks.

The Electronic Equipment policy is an "Accident" insurance policy covering losses to the insured items which are due to sudden and unforeseen causes.  The policy includes mechanical and electrical breakdown of the equipment unless such a breakdown is indemnified under the manufacturer’s warranty or a maintenance contract.  Such a breakdown is deemed to be caused by mechanical or electrical deficiencies, faulty material, faulty design, implosion, short-circuiting, over voltage, lightning-included traveling waves, magnetic fields or electrostatic inductions.

The policies comprises 3 sections as follows:

Section 1 (Material Damage) covers all hardware installation including peripheral equipment and accessories against any unforeseen and sudden physical loss or damage from any causes other than those specifically excluded.

Section 2 (External Data Media) covers the Data Media such as disks, tapes external to the computer system. Coverage is the same as Section 1 and it applies while the Insured data media are kept on the premises.

Section 3 (Increased Cost of Working) provides indemnity for increased cost of working following a material loss or damage. If the material damage indemnifiable under Section 1 gives rise to a total or partial interruption of operation of the insured Information Technologies (IT) equipment, the cost of hiring another computer to maintain the insured’s business operations are payable under this Section.  This substitute IT system must not be a subject matter of insurance under the policy.  The policy pays the agreed indemnification per day and not exceeding in all the sum insured in any one period of insurance.
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