- Generally, Property Insurance Policies cover the intended properties when they are contained in a specific location, however, today people carry equipment like laptops to work from home and to wherever their travels take them.
- There are equipment such as laptops, mobiles, cameras, etc., which are not installed in a particular location but are either carried as accompanied baggage or given to the custody of the authorised persons of the Insured.
- Such equipment could be lost or damaged resulting in financial loss. Insurers have designed a Policy to pay for such financial losses.
PORTABLE EQUIPMENT INSURANCE
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PORTABLE EQUIPMENT INSURANCE
ABOUT
All portable equipment such as laptops, mobiles, cameras, portable medical equipment, etc., which are carried in person are covered under this Policy. This insurance is also called “All Risk Insurance”.
Cover is for accident or misfortune (a wider term). Policy coverage is worldwide, but claim would be settled in Indian currency. Sum Insured to represent current reinstatement price of a new similar one. Mere breakdown or electrical or mechanical fault is not covered unless caused by an accident. Unexplained damage/loss, mysterious disappearances, theft from unlocked vehicles are exclusions.
Proposal having list of equipment with details of serial no., make/model, year of manufacture and current reinstatement value needs to be provided.
PORTABLE EQUIPMENT INSURANCE
BENEFITS
- Sum insured to represent current reinstatement value of equipment.
- Accidental damage to equipment could be covered which is not available in the guarantee by the Original Equipment Manufacturer.
- Articles with intrinsic values can be covered on agreed value basis on production of a valuation certificate.
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