Description : 
This policy is specially designed to cover computers and other
electronic equipment and it applies whether the insured items are at
work or at rest or being dismantled for the purpose of cleaning,
overhauling or of being shifted within the premises, or in the course
of the aforesaid operations themselves, or during subsequent
re-erection, but in any case only after successful commissioning. The
policy can also be extended to cover the external data media such as
tapes and disks.
The Electronic Equipment policy is an "Accident" insurance policy
covering losses to the insured items which are due to sudden and
unforeseen causes. The policy includes mechanical and electrical
breakdown of the equipment unless such a breakdown is indemnified
under the manufacturer’s warranty or a maintenance contract. Such a
breakdown is deemed to be caused by mechanical or electrical
deficiencies, faulty material, faulty design, implosion,
short-circuiting, over voltage, lightning-included traveling waves,
magnetic fields or electrostatic inductions.
The policies comprises
3 sections as follows:
Section 1 (Material Damage) covers all hardware
installation including peripheral equipment and accessories against
any unforeseen and sudden physical loss or damage from any causes
other than those specifically excluded.
Section 2 (External Data Media) covers the Data Media
such as disks, tapes external to the computer system. Coverage is the
same as Section 1 and it applies while the Insured data media are
kept on the premises.
Section 3 (Increased Cost of Working) provides
indemnity for increased cost of working following a material loss or
damage. If the material damage indemnifiable under Section 1 gives
rise to a total or partial interruption of operation of the insured
Information Technologies (IT) equipment, the cost of hiring another
computer to maintain the insured’s business operations are payable
under this Section. This substitute IT system must not be a subject
matter of insurance under the policy. The policy pays the agreed
indemnification per day and not exceeding in all the sum insured in
any one period of insurance.
