If youe electronic equipments are located in Iran, you can cover it in Electonic Equipment insurance as All-risk.
Most businesses today are completely dependent on electronic
equipment, from Point of Sale Hard and Software Systems to Cash
Registers, Printers, Computer Systems and Barcoding Systems, Laptops and
Servers. Many businesses can’t run without this equipment, and any loss
or damage to it will have a severe impact on the business’ day-to-day
operations and consequently, its profits.
This equipment can be insured to minimise your business’ risk of being affected if it stops working.
What is Electronic Equipment Insurance?
Electronic Equipment Insurance provides comprehensive cover for
unforeseen and sudden physical loss or damage to the electronic
equipment and data media. This damage must occur due to a peril that is
not specifically excluded under the policy.
What are the Benefits of an Electronic Equipment Insurance Policy?
An Electronic Equipment Insurance policy provides protection against
unforeseen events that cause the breakdown and physical damage of
installed electronic equipment in a business.
It is extremely useful insurance cover for businesses that rely on
the aforementioned pieces of equipment, as it protects from incurring
excessive expenses in the event that the equipment is damaged and data
media has to be restored.
Who can take out Electronic Equipment Insurance?
Electronic Equipment Insurance can be taken out by the following parties:
- The owner or owners of the equipment
- The business leasing the equipment
- Jointly, where financial interest can be established for more than one party. For example bankers’ financiers.
What May be Covered Under Electronic Equipment Insurance?
Electronic Equipment Insurance provides coverage against unforeseen
and sudden physical loss or damage to electronic equipment and data
media. Every policy is different, but there are three sections that are
- Repair or replacement of the equipment as a result of material damage
- Loss of and restoration of data media, including data stored on the equipment
- Increased cost of working as a result of damage to the equipment
What Is Not Covered Under Electronic Equipment Insurance?
There are certain circumstances in which your electronic may be
damaged that are not covered under the policy. Damaged caused by the
following perils will typically be excluded in an Electronic Equipment
- War or warlike operations
- Nuclear perils
- Willful act or willful negligence
- Wear and tear or gradual deterioration due to atmospheric conditions
- Aesthetic defects
- Consequential losses
Bear in mind that list is not exhaustive and you will be provided with a full list of exclusions from your insurance provider.
Depending on your business and use of electronic equipment, it’s
important to source the appropriate cover to protect your assets and
business as a whole. Speak to your broker for more information on this
Conditions apply for each policy and the information expected from
you for a policy to trigger. Coverage may differ based on specific
clauses in individual policies. Please ask your broker to explain the
additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take
account of your personal circumstances or needs. Please refer to our
financial services guide which contains details of our services and how
we are remunerated.