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ELECTRONICEQUIPMENTINSURANCE(EEI)
Thetermelectronicequipmentisusedforallsystemswhichgenerallyrequireverylowvoltage andpower.Theseequipmentsaregenerallyquietintheiroperation. EEIPolicyprotectstheOwner,LessororHirer(whereresponsibleeitherlegallyorthrougha leasingagreement)ofelectronicequipments. EEIPolicyisSuitableforallelectronicequipments(someexamples): Computerandalliedperipherals AuxilliaryequipmentslikeUPS,VoltageStabilizeretc. Medical,Biomedical,Equipmentse.g.CathLab,XrayMachine,Ultrasoundmachines,MRI, CATscanMachines Audio/Visualequipments Electroniccontrolpanels Telecommunicationandnavigationalequipments Electronicequipmentforresearchandmaterialtesting ThetermequipmentshallincludetheentirecomputersystemconsistingofCPU,Keyboards, Monitors,Printers,Stabilizers,UPSetc. ThevalueofSoftwarecanbecoveredunderthispolicy. Itcancovermoveableandportableelectronicequipmentsalso. ScopeOfCover ThePolicyisdividedinto3sectionsasunder: SectionI:ThisSectioncoverstheaccidentaldamagetotheinsuredequipmentagainstAll Risks,namely: Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, ApparatusandPipes,MissileTestingoperations,LeakagefromAutomaticSprinklerInstallations, BushFire(Fire&AlliedPerils)
TheOrientalInsuranceCompanyLimited
Electrical&MechanicalBreakdowns Burglary&Theft Negligence,LackofSkill,Carelessness In short, the cover provided is for damage caused by unforeseen and sudden physical loss or damage from any cause (other than those specifically excluded explained in subsequent paragraphs)inamannernecessitatingrepairorreplacement. SectionII: This Section covers Loss/Damage to external Data Media i.e. Tapes, Discs, magnetic drivesetccausedbyanyperilasmentionedearlierinSectionI. The cost of restoration of the stored data can also be covered (provided backup system is available) SectionIII: Increased cost of working (ICOW) for use of substituted electronic equipment for continued data processing following indemnifiable damage to insured electronic equipment can becoveredunderthisSection. Important WARRANTY ItisimperativethataPreventiveMaintenanceAgreementbeinforceduringthe currencyofthepolicyfarallelectronicequipmentwithasuminsuredexceedingRs.1.0 Lakh. NovariationinthetermsofthePreventiveMaintenanceAgreementshallbemade, duringthepolicyperiod,withoutthewrittenconsentoftheCompany. ThewordMaintenanceshallmeanthefollowing Safetychecks, Preventivemaintenance Rectificationoflossordamageorfaultsarisingfromnormaloperation aswellasfromageing. The Warranty relating to Maintenance Agreement under the policy can be waived by chargingadditionalpremium Wherever, the competent InHouse maintenance facility is available, the warranty relating to Maintenance Agreement with the manufacturers of the equipments canbedeletedforallelectronicequipmentsexceptMedicalequipment. SignificantGeneralExclusions: SomeGeneralExclusionsareloss/damagecausedby: 1. InherentVice
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TheOrientalInsuranceCompanyLimited
2. Manufacturer'sResponsibility 3. WillfulAct 4. Cessationofworkwhethertotalorpartial 5. Warperils 6. NuclearPerils 7. Derangementnotaccompanyingadamageotherwisecoveredbythispolicy SignificantExclusionstoSection1(Equipments): DeductiblestatedintheSchedule Faults/defectexistingatthecommencementofthepresentinsuranceandwithinthe knowledgeoftheInsured. Wearandtearlosses Costincurredinconnectionwiththeeliminationoffunctionalfailure MaintenanceCosts Aestheticdefects Consequentiallossofanykind. Loss/damagefallingunderthetermsoftheMaintenanceagreement Loss/damagewherethemanufacturerorsupplierisresponsible Loss/damagewheretheownerisresponsible(rentedequipment) SignificantExclusionstoSection2(ExternalDataMedia) DeductiblestatedintheSchedule any costs arising from false programming, punching, labeling or inserting, inadvertent canceling of information or discarding of data media, and from loss of information caused bymagneticfields consequentiallossofanykindordescriptionwhatsoever. SignificantExclusionstoSection3(IncreasedCostofWorking(ICOW) CostsincurredforuseofsubstituteequipmentduringtheTimeExcess Costs for replacement of data media, data and regeneration of data (can be covered under Section2ExternalDataMedia) Costs arising out of circumstances, which are not connected with the insured material damage.Forexample,additionalcostsarisingoutof a) bodilyinjuries, b) ordersormeasuresimposedbyanypublicauthority, c) expansionandimprovementsoftheequipments, d) Lackoffundscausingdelayinrepairsorreplacement Anyotherconsequentiallosssuchaslossofmarketorinterest.
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TheOrientalInsuranceCompanyLimited
SumInsured: A. SectionI:Equipments: New Replacement Cost including Freight, Customs Duties & Erection Costs. The sum insured shall include the value of software (purchased along with the equipment or acquiredsubsequently). B. SectionII:ExternalDataMedia ReplacementCostofEmptyDataMedia(new) +(plus) CostofReproducingtheLostData C. SectionIII:IncreaseCostOfWorking 1. RentalChargeofsubstituteElectronicSystem IndemnityLimitpercomputerworkinghour(a) IndemnityLimitofhoursperOccurrence(b) AggregateIndemnityLimitperOccurrence(axb) 2. PersonnelExpenses:Limitstobeselected 3. CostofTransportation:Limitstobeselected 5.GUIDELINESFORDETERMININGSUMINSURED: The insured has the responsibility for declaring the Sum Insured (SI). The SI for each item covered must represent the New Replacement Cost. This can be determined in various ways dependingontheinformationavailable.Someoftheusualmethodsaresuggestedhereunder: A. ComputationOfSumInsuredForMaterialDamage(SectionI) Situation SumInsured 1. Currentlyavailableforsale: