Computers are sometimes not insured along with all other contents of the office or building as policies designed for office/building are not comprehensive enough. A computer (Electronic Equipment) Insurance Policy is designed for computers and its peripherals, i.e. data carrying material and air-conditioning plant, uninterrupted power systems and terminals. In this context the term â€œelectronic equipmentâ€, means all electrical and electronic systems such as: Electronic Data Processing (EDP) equipment, Communication facilities, Electrical equipment for medical use, and Lightning and studio facilities.
This policy is more of an all â€œAll Riskâ€ cover, which compensates the insured for losses insured under Fire & special perils policy, Burglary /Theft and Machinery Breakdown policies. In addition, the perils of breakages, smouldering, charring, loss of data, and increased cost of working can be covered if required.
This type of insurance is usually arranged under the following sections:
- Material damage cover â€“ all risks basis covering sudden and unforeseen losses, which physically affect the subject matter insured
- Data media cover â€“ provided on a first loss basis compensation for the material value of the external data media used in computing facilities and for the costs of processing and restoring lost information
- Increased Cost of Working (ICW) cover â€“ If in the event of a breakdown, the required computing capacity is hired, then the Increased Cost of Working insurance applies. It covers such expenses as hire charges, transport charges for data media and personnel, expenses for accommodation away from base, night work or work on public holidays, etc.
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