Electronic Equipment Insurance (FL)

Electronic Equipment Insurance [Floater]

This is a specially designed policy which covers accidental loss or damage to electronic equipment.

FLOATER RISKS:

• EEI Floater Policy can be issued for electronic equipment at various locations under one sum insured.
• Unspecified locations shall not be allowed.
• Loading of 10% on the total policy rate shall be charged.

Scope

The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded. It includes damage caused by the following perils:

1. Smoke, soot, dust, corrosive gases etc.
2. Water and Humidity.
3. Short circuit and Electrical fire risk.
4. Faulty operations, lack of skill.
5. Falling object and entry of foreign bodies.
6. Fire, lightning, explosion.
7. Riot and strike and malicious damage and terrorism.
8. Theft and burglary.
9. Natural calamities - flood, inundation, storm, cyclone and earthquake.
10. Subsidence, landslide, rockslide.

Covered Equipment:

1. Electronic data processing machine.
2. Telecommunication equipment.
3. Transmitting and receiving installations (including Radio, TV, Cinema Sound Reproduction and Studio Equipment).
4. Material testing and research equipment.
5. Electro-Medical Installations.
6. Signal and Transmitting units.
7. Office calculators, duplicating machines and Reproduction machines.
8. Control and supervisory units.

Note: The above items should not be portable and mobile.

Exclusions:

Loss or damage caused by the following are excluded:

1. Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).
2. War, wilful acts, gross negligence.
3. Faults for which third party is responsible by law or contract.
4. Failure due to interruption of gas, water or power supply.
5. Aesthetic defects.
6. Consequential loss of any kind.
7. Loss to consumables and operating media etc.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.