Engineering Insurance

Electronic Equipment Insurance

Electronic Equipment Insurance is specially designed to cover all electronic equipment such as computers, including external data media, against loss or damage due to sudden and unforeseen causes provided such causes are not specifically excluded in the policy.

The policy also covers mechanical and electrical breakdown of the equipment caused by mechanical or electrical deficiencies, faulty material, faulty design, implosion, short-circuiting, over voltage, lightning-included traveling waves, magnetic fields or electrostatic inductions. The policies comprises 3 sections as follows :

• Section 1 (Material Damage)
  Covers all hardware installation including peripheral equipment and accessories against any unforeseen and sudden physical loss or damage from any causes other than those specifically excluded


• Section 2 (External Data Media)
  Covers the Data Media such as disks, tapes external to the computer system. Coverage is the same as Section 1 and it applies while the Insured data media are kept on the premises


• Section 3 (Increased Cost of Working)
  Provides indemnity for increased cost of working following a material loss or damage. If the material damage indemnifiable under Section 1 gives rise to a total or partial interruption of operation of the insured Information Technologies (IT) equipment, the cost of hiring another computer to maintain the insured’s business operations is payable under this Section. This substitute IT system must not be a subject matter of insurance under the policy. The policy pays the agreed indemnification per day and not exceeding the sum insured in any one period of the insurance.