Page 10 - Engineering Insurance IC 77 Ebook

The Insurance Times
the present insurance and within the knowledge totally damaged to such an extent that the cost
Si the Insured. of repairs more than the actual value of
3. Wear and tear losses Electronic Equipment Unit immediately before
the accident.
4. Cost incurred in connection with the elimination
of functional failure Full insured value less depreciation for the period it
was in use.
5. Maintenance Costs
6. Aesthetic defects For each and every claim the Deductible Franchise
and the salvage value will be deducted.
7. Consequential loss of any kind.
8. Loss / damage falling under the terms of the If the sum insured of Electronic Equipment Unit
Maintenance agreement does not represent its present day replacement
cost, the claim will be settled after applying
9. Loss / damage where the manufacturer or
supplier is responsible 10. Loss / damage condition of average.
where the owner is responsible (rented Excess : (For Section-I)
equipment)
With value up to Rs. 1 Lacs for section 1
Sum insured
A For equipment other than winchester Drive
The Sum Insured must be the present day
5% of claim amount sub. to minimum of Rs.
replacement value of similar new Electronic
1000/-
Equipment including therein all incidental expenses
like cost of erection, duty, freight, taxes etc. B Winchester Drive
10% of the claim amount sub. to minimum of
N.B : THE LOADING IN PREMIUM MAY BE Rs. 2500/-
DELETED PROVIDED COMPETENT IN With value above 1 lac for Section 1
HOUSE MAINTENANCE FACILITY IS
A For equipment other than winchester Drive
AVAILABLE EXCEPT MEDICAL
5% of claim amount sub. to minimum of Rs.
EQUIPMENT. (AS PER REVISED
2500/-
GUIDELINE)
Equipment covered under "Standard Fire & Special B Winchester Drive 25% of the claim amount sub.
Perils Policy" with all extension & also cover under to minimum of Rs. 10,000/-
EEP with EEI 10%. Discount of the applicable rate
SECTION : II - EXTERNAL DATA MEDIA
& Fire Policy ‘C’ without extension 5% Discount of
Section : I covers only the material damage to the
applicable rate.
hardware of equipment the same can be extended
Claim Settlement to cover : The cost of external data media (Punch
The Claim is payable as under. Cards, Paper Tapes, Magnetic Tapes, Disc etc.) as
also the cost of reconstruction of data on this
1. Partial Loss : If Equipment is repairable then
external data media only if damaged due to
a. the full cost or replacement of part damaged indemnifiable peril.
without deducting depreciation.
The sum insured shall be the physical value of above
b. Incidental expenses like cost of dismantling, item – restoration charges.
re-erection, freight, taxes etc.
The premium rate is as per above rate in addition
2. Total Loss : If Electronic Equipment Unit is to section-I rate.

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