In today’s hi tech era, it has become completely impossible for us to live without our gadgets like mobile phones, laptop, camera, ipad and the like. More than oxygen, we need these near us for our sustenance. These equipment is costly and require extreme care while handling, a minor damage or a fall can make them dysfunctional and unusable causing your valuable gadgets to become useless. Hence, if you feel that you need to protect them against any damages, take portable electronic equipment insurance.
Portable Electronics Equipment Insurance
Portable electronics equipment insurance covers any physical loss or damage, breakage, accident or breakdown that may fall on the equipment or gadgets like digital camera, mobile phones, laptop, iPad, medical equipment etc. during unlikely situations. It also covers your new equipment against fire, theft, robbery etc. as they are most likely used by tech savvy industrialists and businessman who are always involved in travelling around the world for business tours and trips where there is more probability for these gadgets to become lost or stolen. Hence, portable electronics equipment insurance protects your valuable information and data contained in the equipment while there is an accidental loss or damage for the same.
Portable Electronics Equipment Insurance covers your gadgets against
- Fire, explosion, lightning
- Accident
- Burglary or theft
- Electrical and mechanical breakdown
For a minimal premium amount, your gadgets can also be covered against terrorism protecting your equipment and the data in it.
Premium and Sum Insured for Portable Electronics Equipment Insurance
Sum Insured - The total sum insured for the policy is equal to the new replacement cost the insured equipment of the same kind and capacity usually costs. The replacement cost will also include freight charges, customs duties and dues, assembly costs if any. It will also include the cost of restoring any data which is lost or damaged with new and lost data/ information along with hiring charges on an hourly basis for equipment used to entrust continuous data processing for a specified time as well as personal and transportation charges too.
Premium – The monthly premium you will have to pay depends upon the nature, value and use of the equipment along with its maintenance and other necessities. Depending upon the worth of your gadget, the premium can be high or low.
Exclusions of Portable Electronics Equipment Insurance
The portable electronics equipment insurance does not provide coverage against manufacturing faults or defects, wear and tear, war and nuclear dangers, wilful negligence, any loss or damage due to climatic conditions, consequential loss,damage caused by pressure wave due to aircraft or other aerial devices, maintenance cost and the loss or damage caused to the gadget in which the insured is liable.
I have seen my friends treating their portable gadget like ipods, PSPs, MP4s, portable speakers and so on, like their babies. People are so possessive when it comes to their gadgets. Why shouldn’t they be? With latest technologies, the gadget today are super smart and super costly. For people who care so much about their gadgets, portable gadget insurance is an extremely useful option. Although it is not very popular, but it will be well known in the coming times.
In this modern age people are giving more importance to non-living things rather than living things all this is due to the improvement in technology and attraction towards it. ELECTRONIC GADGETS are also a part of technology, few of them are highly valuable once it gets damaged, it’s a waste of money but right solution Is insurance on electronic equipment’s. Refer this article for more information.
With everything people use their phones for these days, it is not surprising they have them insured. Mobile phones in particular can be used for online banking, email, communicating with work, and can store various documents essential to life. These days, your mobile phone is like your briefcase, so insure it properly!
Insurance for electronics might sound weird but it is true that it does exist. The newly launched iphone 6s was not functioning properly due to some problems. The company got it replaced even though it was used for a period of 7to 8 months. This was great initiative by the company and hope Indian companies will follow soon.