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Covers loss or damage to the contractor's property due to any cause that is accidental and external in nature.

Code: Engg 02

More Details

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.

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.


Rate of premium: 1% For equipment valued more than `1,00,000, a valid maintenance agreement is required to be in force, failing which 100% loading is attracted.

Significant exclusions

    The policy does not cover losses/ damages due to:
  • Wear and tear
  • War, willful act or willful negligence
  • Aesthetic defects and consequential loss


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.