The “Electronic Equipment Insurance” policy is issued on “All Risk” basis and is the most suitable comprehensive insurance cover for computers, microprocessors, word processors, telecommunication equipment, machines meant for medical use and other miscellaneous equipment like film & television studio equipment, electronic scoreboards etc. which besides make good of loss/damage due to Machine breakdowns and also extend the cover against other perils namely fire, theft, burglary, AOG perils, damage to the environmental contamination such as smoke, dust, corrosive gases, water and humidity.
Scope of Cover: For indemnification of the insured against any sudden and unforeseen loss /damage due to operation of perils listed below.
Perils covered : Fire, lightning, aircraft damage, explosion, flood, storms, earthquake & other AOG perils.
Breakdown: Any electrical/Mechanical breakdown, non- functioning /defective functioning of protective devices, voltage fluctuation, impact shock.

Fault or Faulty design, faulty materials, faulty Manufacturing /assembly/erection except those which are covered under the manufacturer’s guarantee.

SUM INSURED
This policy has 3 distinct features as far as sum insured.
1. Material damage to computer hardware.
2. External data media (magnetic tapes and discs)
3. Increased cost of working (in case of an indefinable loss of the insured computer).
The insured has the option of selecting cover at serial Nos. 2 and 3.
The insurer is liable for the claim in the event of the claim: a) Cost of dismantling. b)To & fro freight if the repairs are to be carried outside, c) Cost of repairs , d) Cost of re-erection and e) reasonable overheads charges if the insured had undertaken repair on his own, in addition the cost of repairs.
BASIS OF SETTLEMENT: Settlement will be on either partial loss or total loss basis as in the case of other engineering insurance policies.
PERIOD OF COVER
The period normally covered is 12 calendar months. Past periods coverage can be opted on payment of special premium which will be a % of annual premium rate.
CLAIM SETTLEMENT
The insured in the event of claim can not start with repair but keep the insurers informed regarding the happening of the loss / damage on telephone / fax / telex etc. it is equally import to preserve the damaged components for inspection by the surveyor.
INDEMNITY PERIOD: The period is to be selected by the insured. Commencement of indemnity period is only after a substitute equipment is lived and put to use.
INDEMNITY LIMIT PER HOUR: This limit should also be selected by the insured. In case, the limit selected is less than the actual hourly rate payable, the claim amount is subject to reduction by the under insurance factor.