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LIC Product and Forms
LIC OF INDIA
 
General Insurance >> Engineering Insurance >> Electronic Equipment Insurance (EEI)

The Electronic Equipments such as computers, Micro - processors, Word - processors, Tele - communication equipments. Machine meant for medical use and other misc. Equipments like films, television studio equipments can be covered under this policy. This scope of this policy is ALL RISK.

Scope of Cover

This insurance indemnifies the insured against any physical loss or damage due to following perils:
Location Perils
Fire, lighting, explosion, flood, storm, etc.
Break Down
Any electrical / mechanical breakdown.
Faults
Faulty design, faulty materials, faults in manufacturing / assembly erection.
Effect of Moisture
Damage due to moisture and humidity.
Carelessness
Damage due to faulty / careless / negligent operation by employees.
Riot & Strike
Riot & strike damage and malicious damage.
Burglary
Loss or damage due to theft or burglary / house breaking.

Subject Matter Insured

This policy is recommended for the following instruments:
Electronic data processing equipment comprising central processor with flexible programmability.
Peripheral equipments such as readers, printers, tape or card punchers or sorters.
Tapes, and discs.
Auxiliary equipment such as air conditioning, heating and power conversion or main power control plant.
Electronic office equipments, material testing and research equipment.
Electro medical installations.
Telecommunication equipment, etc.
Computerized numerical control system used in connection with production machinery.

Insured Parties

The insured can be either the owner or the hirer of the electronic equipment. The insurance protects, on the basis of the insurance conditions.

The Owner

As operator against material damage, for which the manufacturer is not responsible under a guarantee.

The Hirer

Against material damage for which, he is responsible either legally or through a leasing agreement.

General Exclusions

Inherent Vice

Wear & tear, loss due to defects known to the insured at the time of commencement of the policy. Manufacturers responsibility:

The loss / damage for which the suppliers are responsible under guarantee.
Willful Act
Due to any willful act or willful negligence of the insured or his representatives.
Cessation
Cessation of work whether total or partial.

Expected Perils

War, invasion and the like, nuclear reaction / radiation, loss or damage due to interruption caused by the failure of any gas, water or electricity service or supply.

Functional Failure
Maintenance costs.
Hired Equipments
For the equipment hired for which the owner is responsible.
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