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By Author: Pulisher
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A guide to insure your organization’s electronic equipment

Electronic Equipment Insurance is an insurance policy that applies to low power/voltage equipment. It covers the owner, hirer or the lessor for the cost of accidental or unforeseen material damages to the said equipment(s).
What equipment can be covered under an EEI policy?
The policy owner must understand that the insurance covers only a particular set of electronic equipment. Many insurance companies call these equipment “silent” operating systems because the internal parts do not make much noise under operation. Examples of such “silent” electronic equipment include:
Power management equipment like Voltage stabilizers, UPS, etc.
Computer and related peripherals
Medical equipment like an X-ray machine, Ultrasound Machines, Cath Lab, etc.
Telecommunications equipment
Control panels
Televisual equipment
Navigational equipment
Electronic equipment for research
The Electronic Equipment policy not only covers hardware but also the cost of software that was installed on the machine. Thus, having Electronic Equipment insurance will help the organization safeguard its capital from unexpected losses
To get adequate coverage, providing detailed information up front about the equipment to be insured and how and where they are being operated is essential. The following is the list of specifics that the insurance companies typically ask from the organization to determine coverage and premium amounts:
The model and make of the equipment
Type of machinery
Type of industry
Experience of the industry
Replacement value of the equipment
Application and/or usage of the machinery
Estimated cost of the restoration of data
Professional experience of the workers handling the equipment
Standard of management

What events can result in a claim under an EEI policy?
When you choose Electronic Equipment Insurance, it is critical that you know what types of damages are covered against the policy. Let us review the types of damage that are typically covered by EE insurance.
Fire, lightning, and explosion
Mechanical or electrical breakdown
Flood or water damage
Smoke or corrosive gasses
Electrical damages like short circuits
Natural calamities like storms, cyclones, or any other atmospheric disturbances
Theft or burglary
Damage caused by the failure of air conditioning equipment
Human errors like faulty operation, careless/negligent operations
Riot, strikes and malicious damage
Environmental factors like water, humidity and environmental contamination
In case of a claim, the Electronic Equipment Insurance covers the replacement of the parts, the cost of the total work hours spent on repairs, cost incurred to restore information/data and even freight charges. There are different levels of these plans, so based on the type of the insurance that you choose, the benefits will vary.
Who is it for?
After reviewing the basics of Electronic Equipment Insurance, it is clear that the insurance policy is beneficial for organizations that house several electronic machines. Since the majority of industries today use electronic machines like computers to streamline and coordinate projects, it is advised that you cover them with a robust insurance plan.
If you are wondering whether you should insure your electronic equipment or in the process of selecting Electronic Equipment Insurance for your organization, let us review the specific variables in your case and help you make a decision.

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