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What is Electronic Equipment Insurance?
Electronic Equipment Insurance is an insurance policy that provides comprehensive cover for unforeseen and sudden physical loss or damage to the electronic equipment and data media. This damage must occur due to a peril that is not specifically excluded under the policy.
- What are the Benefits of an Electronic Equipment Insurance Policy?
- What is Covered Under Electronic Equipment Insurance?
- Who can take out Electronic Equipment Insurance?
An Electronic Equipment Insurance policy provides protection against unforeseen events that cause the breakdown and physical damage of installed electronic equipment in a business.
It is extremely useful insurance cover for businesses that rely on the aforementioned pieces of equipment, as it protects from incurring excessive expenses in the event that the equipment is damaged and data media has to be restored.
Electronic Equipment Insurance provides coverage against unforeseen and sudden physical loss or damage to electronic equipment and data media. Every policy is different, but there are three sections that are typically covered:
- Repair or replacement of the equipment as a result of material damage
- Loss of and restoration of data media, including data stored on the equipment
- Increased cost of working as a result of damage to the equipment
Electronic Equipment Insurance can be taken out by the following parties:
- The owner or owners of the equipment
- The business leasing the equipment
- Jointly, where financial interest can be established for more than one party. For example bankers’ financiers.