Life without electronic equipment or more popularly called “gadgets” is almost impossible. The time consumed for each activity is reduced to almost half with the use of electronic equipment. Starting from household equipment, automobile gadgets, mobile phones and its accessories, etc – all are categorised under “electronic equipment”. Now these gadgets are available for varied prices. Where a mixer grinder can come for Rs.1500, a power bank can cost Rs.1000, a sound system can cost Rs.20000 and so on. But whatever the cost maybe, they never fail to ease our life. Hence any damage occurring to them will definitely inflict panic and compel the individual to go for repair and spend a considerable amount of money on the same.
The solution to this is the purchase of electronic equipment insurance. Though this is not a mandatory legal requirement for owners, an appropriate amount of insurance cover provides financial protection in the event of damage, theft, etc.
Some Examples of Electronic Equipment that Gets Covered are:
- Computer, connected peripherals, software
- Auxiliary equipment like UPS, Voltage Stabilizer etc.
- Electronic control panels
- Medical Equipment like X‐ray Machine, Ultrasound machines, MRI, CT scan Machines
- Audio/Visual equipment
- Telecommunication and navigational equipment
- Mobile Phones
- Electronic equipment for research and material testing
- Portable electronics
The Features of the Policy are:
- It covers the accidental damage to the insured equipment against “All Risks,” namely: Fire, Lightning, Malicious activities and Terrorist attacks, Natural calamity, Electrical & Mechanical Breakdowns, Burglary & Theft, etc. In short, the cover provided is for damage caused by unforeseen and sudden physical loss or damage from any cause in a manner necessitating repair or replacement.
- It covers damage to external Data Media, which can even include devices such as hard drives, Discs, etc. The cost involved in restoring the lost data can also be covered under this policy.
It is vital that a Preventive Maintenance Agreement be in force during the term of the policy for all electronic equipment with a sum insured exceeding Rs. 10 lakhs without the written consent of the Company. The word ‘Maintenance’ means safety checks, rectifying damage, etc.
All equipment should have serial no. or any identification mark. The same is to be mentioned in the proposal.
The Claim can be:
- Partial Loss – This covers the full cost of repair or replacement of parts damaged.
- Total Loss – When an equipment is completely damaged and the cost involved in repairing the same even goes over the cost of buying the same at a time just before the accident, the claim is settled by the insurer.
Settlement of the claim is also dependent on the sum insured as if the insurer finds, on careful evaluation that the amount insured is way less than what must have been actually insured then the amount that can be claimed is proportionately reduced.
There are several companies offering electronic equipment insurance with varied benefits. You can know about these plans through:
- Brochures from branches
- Websites
So, if you really want to safeguard yourself from the liabilities arising out of damage or loss of your precious electronic gadgets, never hesitate to get them insured right after purchase.
