Application.
This policy covers hardware and sometimes software against a number
of named perils. Can also cover copiers, fax machines, telephone
equipment, specialized medical or lab equipment, etc.
Valuation.
Although the insurance premium is computed on the replacement value,
losses are covered at Actual Cash Value. Partial losses are covered
at actual cost of labor and parts involved in repairs.
Coverages. The coverages are summarized
below:
- Fire, lightning, explosion, smoke, soot, gases, liquids, corrosive
powders, hail, rain, voltage fluctuations, short circuit, strikes,
civil unrest
- Violent theft or assault
- Tremor, earthquake, floods, volcanic eruption
- Hurricane, flooding, excess humidity, soil collapse, avalanches
of mud and rocks.
- Coverage for mobile equipment, which is insured separately for
all the above coverages, plus damage as a result of collision
and vehicle overturning.
Policy Requirements.
Are numerous. Basically, power surge protection, earthed electrical
connections, breaker boxes, lightning conductors, protection against
theft, and a preventive maintenance contract (copy required). To
start the policy, a list of equipment must be provided, detailing
type of equipment, make, model, serial number, year of manufacture,
and replacement value.
Cost. Cost for ABCD coverages is
2.18% p.a. Coverage E for mobile equipment is 5%, paid annually.
Add 13% to the resulting premium, for Sales Tax.
Disclaimer: This document is intended
as a summary of most relevant points of the insurance policy; as
such, it does not contain every provision stated therein. |
