electronic equipment

This is an extract. Please read the entire policy to get the full picture (spanish version only). Following are the coverages available. Within certain rules, you can select the coverages you need and pay for the ones you get.

I.N.S. ELECTRONIC EQUIPMENT INSURANCE
Extract

WHAT CAN BE INSURED.  Computers, peripherals, telephones, faxes, photocopiers, cell phones, communication equipment, sophisticated medical and lab equipment.  Can be owned or leased, mobile or stationary.  Mostly, INS considers depreciation on a straight-line basis over 5 years, thus it is not worthwhile to insure old items. Except for mobile equipment, coverage extends within a specified premises.

COVERED PERILS.  (Coverages A+B are basic; others cost extra.) 
Coverage “A” - Fire, lightning, explosion, implosion, smoke, soot,  corrosive liquids or gases, weather, power fluctuations, civil unrest.
Coverage “B” - Theft.
Coverage “C” - Quakes, tremors, volcanoes.
Coverage “D” - Hurricane, cyclone, floods, landslides. 
Coverage “E” – For mobile equipment only: covers the same perils as ABCD. 

DEDUCTIBLE: up to 20% (25% for coverage E); minimum deductible is usually C.20,000 per event.

REQUIRED PROTECTION.  Surge protectors, grounded circuits, theft protection, lightning rods (businesses only), fire protection (equipment valued at C.1,000,000 or more.) There are other minor, common-sense requirements.  If security is inadequate, B coverage (theft) is refused.

REQUIREMENTS FOR APPLICATIONS.  A list of equipment, with makes, models, serial numbers, years of manufacture, and replacement values (for new).  Agent visits the premises where equipment is located, applicant signs forms, insurance company accepts risk and verifies premium, applicant pays. It usually takes 1-2 weeks for policy to come into effect.

COST.  Premium is a percentage of replacement value (for new equipment as similar as possible). Exact percentages depend on the type of building where the equipment is located, on its security, and on the type of business. To the premiums calculated with rates below, add 13% Sales Tax.

Rev.10/08