Additional Covers
Electronic Equipment Insurance - Magma Insurance
ELECTRONIC EQUIPMENT INSURANCE
This policy covers accidental, unforeseen and sudden physical loss or damage to any electronic equipment (including system software).
You have the option to extend the coverage to external data media. You can also opt for Increased Cost of Working (ICOW) which will pay for the additional costs you will incur in order to ensure continued data processing on substitute equipment.
The electronic equipment insurance policy is an all-risk policy designed for computers, micro-processors, medical, bio-medical and audio/visual equipment including the value of system software.
The cover is applicable when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.
The cover includes:
- - Material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, under Section I.
- - Cost of external data media, including cost of reconstruction of data under Section II, as well as the increased cost of working under Section III. While Section I is compulsory, Section II and Section III are optional.
Types of equipment covered:
- Computer system consisting of CPU, keyboards, monitors, printers, stabilizers, UPS, system software and so on.
- Micro- processors, medical and biomedical equipment
- Audio/visual equipment including the value of systems software
- Willful acts or gross negligence on your or your representative’s part.
- War or war-like operations, nuclear reaction, radiation or radioactive contamination.
- Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defects for which the supplier/manufacturer/maintenance contractor is responsible either by law or under contract.
- Aesthetic defects.
- Consequential losses.
The rating depends on:
- The type of equipment, annual maintenance contract and claim experience
