Electronic Equipment Insurance (EEI)
This insurance policy provides coverage for loss or damage to electronic equipment and related systems such as computers, telecommunication equipment, medical equipment, and other electronic devices.
EEI covers sudden and unforeseen losses that physically affect the insured equipment, including damages caused by fire, lightning, theft, explosion, water damage, and other similar events. However, EEI policies may exclude damages resulting from wear and tear, depreciation, gradual deterioration, and other types of damage that may occur over time.
The policy applies to the insured equipment whether it is in operation, at rest, or being dismantled for cleaning, overhauling, or relocation within the insured premises. The coverage may also extend to subsequent re-erection of the equipment after successful commissioning.
In case of a covered loss or damage, the insured can file a claim with their insurance provider, and if the claim is accepted, the insurer will provide compensation to repair or replace the damaged equipment. The amount of compensation may depend on the terms and limits of the policy, as well as the extent of the loss or damage incurred.