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Scope of cover
Cover operates 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 Policy broadly covers:
 | 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 also increased cost of working under Section III. While Section I is compulsory, Section II and Section III are optional. |
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Sum Insured
| Section I: New Replacement cost of the insured property including Freight, Erection cost, Customs Duty, if any. |
| Section II: Cost of restoring the external data media by replacing lost or damaged data media by new material and lost information. |
| Section III: Sum Insured should represent the hiring charges per hour for a substitute equipment for ensuring continued data processing for the period of indemnity specified, including personnel and transportation charges. |
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Premium
Rate of Premium: 1 % For equipments valued more than Rs 1,00,000, a valid maintenance agreement is required to be in force, failing which 100 % loading is attracted.
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Significant Exclusions
The Policy does not cover losses/ damages due to:
| Wear & tear |
| War, wilful act or wilful negligence |
| Aesthetic defects and consequential loss. |
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Excess
Policy is subject to compulsory excess. Excess depends upon value of equipment. Separate excess applies to Winchester Drive. Higher voluntary excess qualifies for reduction in premium level.
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