ELECTRONIC EQUIPMENT INSURANCE

Introduction

Electronic Equipment insurance is an "accident" insurance on an "all risks" basis covering sudden and unforeseen losses which necessitate actual repair and/or replacement to the insured equipment. Financial Losses leading to loss or damage can also be covered under this policy.

Scope of Cover

Section I – Material Damage

Covering Loss of or damage to the insured's equipment from any accidental cause (that has not been specially excluded) includes:

• Fire, lightning, explosion and falling aircraft
• Smoke, soot and corrosive gases 
•  Water and humidity 
• Short Circuit and other electrical causes 
• Operational errors, lack of skill and gross negligence 
• Malicious acts of workmen, employees and third parties
• Burglary and damage following burglary 
• Subsidence and landslide
  

Section II – External Data Media

Covers Loss of or damage to external data media including information stored therein suffering any material damage indemnifiable under Section I

• Data (Machine readable information) e.g master and transaction data stored in data files and data bases, standard program data out of serial production, data on customized user programs ready- for use.
• Data media (storage media for machine-readable information) on which insured data has been stored is also covered if it can be exchanged by the user, e.g. removable magnetic disks, magnetic tapes, floppy disks and punched cards (kept on the premise).
  

Section III – Increased Cost of Working
Provides cover for additional expenses incurred following loss of or damage to the equipment indemnified under Section I which gives rise to an interruption of operation of the equipment, e.g. hiring computerized access time elsewhere, cost incurred to minimize or to avoid the effect on the business.

Types of Equipment Which may be insured

• Electronic data procession (EDP) and Central processor.
• Electrical and radiation equipment for medical use, e.g. X-Ray units and radiotherapy apparatus. 
• Communication facilities, e.g. Tele-printers, telephone exchanges and units, radar and radio communication, aircraft navigation and satellite transmission. 
• Power supply and ancillary equipment, e.g. air-conditioning system, emergency power supply to cope with mains failure, protection and safety equipment. 
• Miscellaneous equipment, e.g. television studio equipment and traffic signaling equipment.

Insured Parties

• The equipment owner, whether as operator, leaser or maintainer
• The hirer

For further information about this product, please contact our nearest branch and our customer service staff will gladly assist you.