Today, electronic equipments are the lifelines of any business. So much of your money is invested in these systems and the related data storage devices. To prevent unforeseen losses, it’s vital that you insure this equipment with the Reliance Electronic Equipment Policy, which not only covers the hardware, but also shields you from the loss of data.
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 will be covered.
Section 3: Increased Cost of Working
- Covers all additional costs incurred to ensure continued data processing on substitute equipment.
While we strive to cover all eventualities, there are a few exclusions under this policy:
- 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
- Loss or damage to the property falling under the terms of the maintenance agreement
- Loss, destruction, or damage directly occasioned by pressure wave caused by aircraft and other aerial devices.