Portable Electronic Equipment Insurance

FOR YOUR SLEEK GIZMO

Some of the handiest gadgets are very instrumental in empowering your businesses to operate speedily and efficiently. The sophisticated nature of such equipment however also often means that they are also delicate. Bharti AXA's Portable Electronic Equipment Policy extends cover to portable electronic equipments like laptop, digital cameras, mobile phones and other similar equipment against damage or loss.

Scope of cover

The Policy covers physical loss of or damage from any cause, other than those specifically excluded under the Policy subject to the excess specified under the Policy.

Basis of Sum Insured

Sum Insured shall be equal to the cost of replacement of the insured equipment by new equipment of the same kind and same capacity, which shall mean its replacement cost including freight, dues and customs duties, and assembling costs, if any.

Exclusions

Major exclusions are:
a)  Existing defects
b)  Wear and tear or gradual deterioration due to atmospheric conditions
c)  Functional failures unless caused by an indemnifiable loss or damage
d)  Routine Maintenance costs
e)  Manufacturer or supplier's contractual obligation
f)  Consequential loss or liability of any kind or description
g)  Aesthetic defects, such as scratches on painted polished or enamelled surfaces
h)  War, terrorism and nuclear perils

Conditions to be fulfilled by the Insured:

1. Every notice and communication to the Company shall be in writing and be addressed to the nearest Office of the Company.
2. The Insured is required to ensure that there is no misrepresentation, mis-description or nondisclosure of any material fact.
3. Upon the happening of any event giving rise or likely to give rise to a claim under the Policy, the Insured shall -
 a. give immediate notice in writing to the nearest office with a copy to the Policy issuing office of the Company
 b. lodge a complaint with the Police for offence(s) against property insured, if any, committed
 c. deliver to the Company a detailed statement in writing regarding the loss or damage with an estimate of the intrinsic value of the property lost or the amount of damage caused to the property, as the case may be, within 14 days from the date of discovery of an event causing loss or damage to the property insured
 d. tender to the Company all reasonable information, assistance and proof in connection with the claim.
5. The Insured shall do all such acts, deeds and things as may be necessary or reasonably required by the Company for the purpose of enforcing any rights and remedies including obtaining relief or indemnity from other parties to which the Company may be entitled.

6. The Insured shall ensure due observance and fulfillment of the terms, conditions and covenants of the Policy.

Settlement of claim

The basis of settlement of a claim shall be follows:

Partial loss: Actual expenses incurred to restore the damaged equipment to its former state of serviceability and for matters connected therewith or incidental thereto.

Total loss: Actual value of the equipment immediately before the loss plus ordinary freight, assembling charges and duty.

In both types of settlement, there will be deduction towards salvage, under-insurance and excess.