Electronic Equipment like Laptops, Cameras, Scanners, Hand – held Devices, Mobile phones, Audio / Visual equipment, Portable Medical and Biomedical Equipment etc. are vulnerable to more risks, associated with their portability, as compared to fixed assets.
The above Insurance on All Risks basis provides covers against these exposures. Being exclusion based cover, the policy covers all the possible risks other than the exclusions. But on a broad basis, provides indemnity against risks such as:
- Fire, Lightening, Explosion / Implosion, Aircraft damage, Riot, Strike, Malicious damage, Storm, Cyclone , Typhoon, Tempest, Hurricane, Tornado, Flood, & Inundation and the like perils.
- Earthquake (Fire and shock), Landslide, Subsidence, Tsunami
- Burglary, Housebreaking including Theft
- Accidental external damage
- Assets when in transit as accompanied baggage of Insured or his employees
Cover optional extensions
- Electrical / Mechanical /Electronic breakdown
- Terrorism cover
- Worldwide territory
This policy is also known in market parlance as LAR (Laptop All Risk) or All Risk for Portable equipment or All Risk. It is mainly available as a package cover with Fire and occasionally as a standalone cover.
Basis of Indemnity
The Portable Electronic Equipment Insurance Policy indemnifies the Insured by way of repair, replacement or payment in respect of physical loss or damage to Insured property from any cause other than those specifically excluded under the policy usually on market value basis. However the Sum Insured should be on new replacement value basis.
General exclusions such as;
• War or war like operations, nuclear reaction, radiation or radioactive contamination
• Willful act or willful negligence of the Insured or his representative
• Wear and tear or gradual deterioration due to atmospheric conditions
• Manufacturer or supplier ‘s legal or contractual liability
• Maintenance costs
• Consequential loss or liability of any kind or description
• Aesthetic defects, such as scratches on painted polished or enameled surfaces and / or
any existing defects at the time of commencement of insurance cover
• Stated deductible under the policy
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