IRDAI License Number: IRDAI/INT/ISNP/2022/250
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.
This policy can be taken by the owner of electronic equipments. Whether the equipment is in commercial or personal use.
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.
Following additional perils can be covered under the policy by paying extra premium:
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.
EEI policy is a location specific policy and does not cover portable equipment.
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.
Equipment which are not location specific and keeps moving should be covered under the All risk policy and not under the EEI Policy.
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
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
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.
AMC contract should always be there.
