Executive Summary: It is good to insure gadgets like phones, laptops, camera equipment as they are expensive and play an important role in our life. Here is a lowdown on three insurance policies that offer equipment insurance – Bharti AXA Portable Equipment Policy, HDFC Ergo Portable Electronic Equipment Insurance and ICICI Lombard Electronic Equipment Insurance.
Gadgets and equipment have become a part of our life. As we improve our lifestyle, we have more valuable things. They can be related to work or hobbies. For example, if you are a photographer or even pursue photography as a hobby, you have a camera, lens etc. When you step out for work, you have a mobile phone or two, a laptop etc. Some people carry portable gaming consoles. These are expensive. They are prone to risks like theft, wear and tear, breakdown, damage due to fire, electronic failure etc.
Just like we insure life, homes and health, we can also insure these gadgets and equipment. Here is a comparison of 3 policies that provide cover for equipment –
Just like we insure life, homes and health, we can also insure these gadgets and equipment. Here is a comparison of 3 policies that provide cover for equipment –
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Bharti AXA Portable Equipment Policy
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HDFC Ergo Portable Electronic Equipment Insurance
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ICICI Lombard Electronic Equipment Insurance
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Offers insurance for portable electronic equipments like laptop, digital cameras, mobile phones and other similar equipment against damage or loss.
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Covers accidental damage and breakdown and malicious damage to new portable electronic equipment such as broadcasting, film, camera, audio-visual, diagnostic and medical equipment. It also covers damage due to fire, theft and robbery.
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Covers electronic equipment and system software, cost of external data media and cost of reconstruction of data.
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Sum Insured will be equal to the cost of replacement of the insured property by new property of the same kind and capacity including freight, dues and customs duties, and assembling costs, if any.
The Sum Insured will include the value of system software. |
It is advised that the sum insured be equal to the cost of replacement of the Insured Property by new property of the same kind
and same capacity, which shall mean its replacement cost including freight, dues and customs duties, if any, and erection cost. |
Sum insured can be replacement cost or cost incurred on repairs or cost involved in restoration.
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If the sum assured is enough –
1) Item is repaired – Repair costs are paid. 2) Item destroyed or damaged – The actual cost is paid by the company. 3) Item becomes obsolete -If the insured property is subject to total loss and has become obsolete, amount necessary to replace with a model of similar structure/configuration /quality will be reimbursed. If sum assured is less, the proportionate amount will be paid. |
If the sum assured is enough –
1) Item is repaired – Repair costs are paid. 2) Item is destroyed – Actual value of the insured property immediately before the occurrence of the loss is paid 3) If the object is completely lost, costs required to replace it are paid. |
The company will pay a sum for
1) Replacing the defective item 2) Repairing the item 3) Hiring equipment that ensures continued data processing. |
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Damage due to acts of terrorism, wilful damage or neglect, war, breach of trust by the insured are excluded from the cover.
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Damages due to acts of terrorism, war, nuclear material, wilful acts of damage, existing faults, aesthetics problems and non-working bulbs, valves, wires and exchangeable tools cannot be claimed.
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Damages due to:
– Wear and tear – War, willful act or willful negligence -Aesthetic defects and consequential loss are excluded from the insurance cover. |
If you want to take insurance cover for gadgets, check if the policy covers gadgets like laptops, Apple products, mobile phones, digital cameras, Games console, camera equipment etc. The policy should replace or repair quickly or pay for the damages in time so that your work is not affected. Check the exclusions properly.
Electronic gadgets have become like extensions to our limbs. It is therefore prudent to think about insuring your gadgets in case of damage or theft.
Electronic gadgets have become like extensions to our limbs. It is therefore prudent to think about insuring your gadgets in case of damage or theft.
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