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HDFC Chubb Industrial Insurance |
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Electronic Equipment Insurance
Expensive, fragile, vulnerable.critical. Makes you think how your business would run without electronic equipment. The world today is increasingly more interconnected and the electronics revolution has been at the forefront, dramatically changing the way you work and do business. You know how dependent you are on electronic data and equipment to help run your organisation effectively and give you the competitive edge. Just imagine the consequence if anything happened to that data, or your computers and other electronic equipment were irreparably destroyed. The answer lies in HDFC General Insurance Company's Electronic Equipment Insurance Policy. It´s just the safeguard you need to cover the assets so vital to keeping your business functioning smoothly.
Scope of Cover:
The policy provides comprehensive coverage for your electronic equipment. It includes physical loss or damage to all electronic equipment and data media, as well as the increased cost of working resulting from an accidental and unforeseen physical loss or damage to the electronic equipment.
Significant Exclusions:
The policy does not cover any losses or damage due to wear and tear, war, willful acts or willful negligence, aesthetic defects and consequential loss.
Sum Insured:
Equipment:
New replacement cost of the insured property including freight, erection cost and customs duty, if any.
External Data Media:
Cost of restoring the external data media by replacing lost of damaged data media with new material and lost information.
Increased Cost of Working:
The Sum Insured should represent the hiring charges per hour for substitute equipment to ensure continued data processing for the period of indemnity specified, including personnel and transportation charges.
Premium:
The rate of chargeable is 1% of the equipment insured. You need to have a valid maintenance agreement in force for all your electronic equipment, personnel computers below Rs.100,000 exempted , or a 100% loading will be levied as per tariff.
Excess:
The policy is subject to a compulsory excess which depends upon the value of the equipment insured. A separate excess applies to Winchester Drive. Opting for a higher voluntary excess qualifies for a discount on the premium payable.
Extensions:
For a nominal additional premium, the policy can be extended to cover risk of terrorism.
Boiler and Pressure Plant Insurance
The extreme temperatures and intense stresses in boiler and pressure plants demand the highest level of expertise and care. It's an environment where even the smallest mistake can result in equipment failure and significant replacement costs. HDFC General Insurance Company´s Boiler and Pressure Plant Insurance helps cover any damage to your expensive plant and also minimizes downtime loss for your organization.
Scope of Cover:
The Boiler and Pressure Plant policy covers boilers of various kinds, pressure plants and vessels under pressure, including fired and unfired, against loss and/or damage due to explosion or collapse.
Main Exclusions:
The policy does not cover loss or damage in respect of:
• Fire and allied perils.
• War and nuclear perils.
• Failure of individual tubes, unless such defects result in an explosion or collapse.
• Willful neglect and misconduct.
• Consequential loss.
• Loss for which the manufacturer or supplier or repairer is held responsible.
• Gradual wears and tear.
• Chemical reaction.
• Overload experiments.
Sum Insured:
The Sum Insured under this policy should represent the present-day replacement value, so as to avoid under-insurance.
Additional covers:
• Damage to the owner's existing surrounding property.
• Damage to third party property and/or personal injury.
• Express freight (excluding airfreight), overtime and holiday rates of wages.
• Airfreight.
• Additional customs duty.
• Escalation.
Premium:
This depends on the type of boiler, type of fuel used and the age of the equipment. The boiler should be certified by the boiler inspectorate, otherwise a 50% loading is applicable.
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