From computers to medical devices, industrial equipments to electronic cash registers, companies all over the world are increasingly relying on the latest technology as a backbone to aid their day-to-day operations. Breakdown of electronic equipment can do sizeable damage to your business. The consequences of such unforeseen events are often severe. The Reliance Electronic Equipment Insurance Policy will cover your valuable electronic equipment against all risks.
This policy provides coverage under three sections:
Section 1: Equipments
- Covers any unforeseen and sudden physical loss or damage to electronic equipments.
Section 2: External Data Media
- Expenses incurred within 12 months from the date of occurrence of loss, necessary for restoring the insured data media to pre-accident condition is covered.
Section 3: Increased Cost of Working
- Covers all additional costs incurred to ensure continued data processing on substitute equipment.
Major exclusions under this policy include:
- Pre-existing faults or defects, normal wear and tear, erosion, corrosion, etc.
- Costs towards elimination of functional failures unless such failures were caused by an indemnifiable loss or damage to the insured items.
- Maintenance cost of the insured items
- Loss or damage to objects made of glass, porcelain or ceramics, sieves or any operating media
- Aesthetic defects such as scratches on painted or enameled surfaces
- Costs arising from false programming, punching, labeling or inserting, inadvertent cancelling of information or discarding of data media, and from loss of information caused by magnetic fields.
- Costs for replacement of data media, data and regeneration of data.
- Loss or damage due to:
- War and nuclear risks
- Willful act or negligence
- Partial or total cessation of work
- The property falling under the terms of the maintenance agreement.
- Pressure wave caused by aircraft and other aerial devices, if the direct cause of the destruction, loss or damage