Did you know you could safeguard your precious gadgets/equipment with this one step?

Did you know you could safeguard your precious gadgets/equipment with this one step? -  28th August 2019

Connectivity has become the fourth pillar of our rations today. Each one of us, at least, own three gadgets, in which we store and share critical data. Whether it is business-related information or personal details, our gadgets hold a lot of information that, if leaked, could cause serious damage. Besides the implications of a security breach, these gadgets come at a high cost, and replacing a lost or stolen one may seriously burn a hole in the pocket.

Therefore, it’s prudent to secure your gadgets by taking Electronic Equipment Insurance (EEI). EEI extensively covers loss of electronic good, and subsequently, helps to meet unavoidable costs. Depending on the coverage that will be best suited for you, there are different types of EEI to choose from. Before we get into the different types, let’s take a true look at the scope of the cover.

What’s Covered?
  • Damaged equipment coverage, including replacement expenses, such as freight, installation cost, customs duty, etc.
  • Damaged data media coverage, including expenses incurred in restoring lost information, external data media, damaged/lost data media, etc.
  • Increased cost of working, caused due to employing more manpower to substitute for the work that would have otherwise been done by the equipment.
  • Any damage caused to the equipment’s software as a result of the damage to the hardware is also factored in.
Types of Electronic Equipment Insurance
All risks included

Give your gadgets complete protection from perils, including those caused by natural and man-made causes. For instance, damage due to natural calamities includes the ones caused by fire, landslide, or storm, whereas manual perils include terrorism, strikes, and riots.

External data media

This option covers the losses partly and includes expenses arising due to data loss on external media devices, such as hard discs, etc.

Increased cost of working

This type of EEI is usually taken by organizations that rely heavily on data processing units. In the event of any loss or damage to the unit, the expenses incurred to employ any additional/alternative tool or manpower, are covered by the insurance policy.

What are the types of electronic equipment that can be secured with EEI by Magma HDI?

Electronic Equipment Insurance is suitable for a range of equipment, including, but not limited to:

  • Computer and allied peripherals
  • Audio visual equipment
  • Auxiliary equipment, such as voltage stabilizer, UPS, etc.
  • Electronic control panels
  • Navigation equipment
  • Telecommunications equipment
  • Electronic equipment used for research and testing materials
  • Medical equipment, such as MRI scan machines, X-Ray machine, ultrasound devices, etc.
Who should take an EEI by Magma HDI?

Practically, anyone who owns and operates electronic equipment should secure their gadgets with an EEI.

  • Owners and businesses owning electronic equipment
  • Organizations that are involved in leasing electronic equipment
  • Third-parties, such as financiers or bankers who ultimately bear the purchase cost of the equipment

While an Electronic Equipment Insurance secures your gadgets from multiple threats, note that there are certain cases, such as normal wear and tear that do not fall under the purview of the policy.