IRDAI License Number: IRDAI/INT/ISNP/2022/250

Electronic Equipment Policy

Epoch Insurance Brokers Private Ltd.
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Electronic Equipment Policy
Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

This policy is suitable for electronic equipment like computers, printers, scanners, industrial electronic machines and servers and data storage equipment’s. It is an All Risk Policy.

The Insurance Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data and increased cost of working.

Who can take this Policy?

This policy can be taken by the owner of electronic equipments. Whether the equipment is in commercial or personal use.

Coverage

Sudden unforeseen damage or loss to fixed type electronic equipment such as Computers systems, Telecommunication, Material Testing & Research equipment, Office duplicating/reproduction machines, Electo-medical installations etc. are covered in the policy.

Add on Covers

Following additional perils can be covered under the policy by paying extra premium:

  • Escalation
  • Express freight
  • Air freight
  • Additional customs duty
  • Owners Surrounding Property
  • Third party liability
  • STFI, Earthquake, Terrorism

Basis of Sum lnsured

Exclusions

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

Pre inspection of equipments


Ensure that assets should be covered under the right entity/company

Each Equipment's identification/serial number should be mentioned in the Policy/Annexure


Risk Location/s should be properly mentioned

Involuntary Betterment Clause would help at the time of claim


Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

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Claim Case Study - 1

1
Situation
Situation

A IT firm has taken a EEI policy covering laptops given to its employee. A employee was travelling to US for a company's project and lost his laptop.

2
Challenge
Challenge

EEI policy is a location specific policy and does not cover portable equipment.

3
Solution
Solution

It was convinced to insurance company that all the material facts were disclosed at the time of taking the policy. The details of subject matter of insurance i.e. laptop were given at the time of proposal.

4
Advisory/Conclusion
Advisory/Conclusion

Equipment which are not location specific and keeps moving should be covered under the All risk policy and not under the EEI Policy.

Claim Case Study - 2

1
Situation
Situation

A lab had taken a EEI policy for its mamography machine with a confirmationthat AMC of the machine is in place with the equipment manufacturer

2
Challenge
Challenge

A loss occurred and later it was found that the AMC had expired before taking the policy and the AMC was not renewed and claim was rejected

3
Solution
Solution

In-house maintenance of the machine was in place under a qualified engineer. The interanl maintenance document was shared with the insurance company which finally accepted it later.

4
Advisory/Conclusion
Advisory/Conclusion

AMC contract should always be there.

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