Electronics insurance coverage falls under technical plans that are collectively grouped under property insurance. Protection is guaranteed against unforeseen property damage caused by the destruction, loss, or damage to insured property against risks to items such as machines and electronic equipment. It must be highlighted that under technical insurance plans, all the exclusions are mentioned openly instead of the standard practice of pointing out the risks that it covers.
Under the aegis of electronics insurance, varied components of electronic equipment such as a computer are covered. Similarly, insurance is offered for newly installed electronic components as well, for which coverage must be changed to reflect new features under the extension of risks.
For the most part, a loss on account of an operator’s mistake or sheer negligence as well as external factors such as theft or intrusions are covered. However, policies for electronic equipment do not cover risks related to consumable goods, working materials, or operating supply issues. The same holds for structures and machinery that generate, distribute, or convert electrical energy into mechanical power as well as operational wear and tear, natural calamities like earthquakes and wars, or civil unrest.
Items such as digital planners, calculators, picture copiers, scanners, printers, and other equipment are all covered by the electronic stationary insurance offered by Bajaj Markets.
Electronic insurance can be purchased quickly and easily by visiting the Bajaj Markets’s portal and undertaking the steps mentioned below:
Click "Buy Now" when you are on the electronic stationary insurance page
Fill out the online application form that follows, and enter all the necessary information.
You will be prompted to complete the payment from a variety of payment options after you have filled in and submitted the form.
You can get coverage for repair and replacement costs in the event of a mechanical or electrical breakdown. It should be noted, however, that only the invoice value will be covered, up to the maximum amount of the sum insured.
This insurance will cover any accidental damage to the electronic stationery. If the stationary object was in your possession when the accident occurred, you may also be able to recover the cost of any repairs or replacements.
The electronic insurance covers any loss or damage resulting from a burglary or robbery. However, the stationary equipment must be at the covered premises as specified on the insurance document to be eligible for this benefit.
Damage on account of a fire incident is not deliberate, natural disasters like thunder and lightning, flood, and man-made occurrences such as riots.
The specifics of the electronic insurance offered by Bajaj Markets are stated below:
Pollution or contamination shall not be covered by this policy if it results in any damage or loss of any kind.
If the insurance application is not filed within 30 days of the date the electronic stationery item was initially purchased, then no coverage shall be provided.
This policy does not apply to any loss, damage, or destruction of electronic stationery resulting from a terrorist attack.
5% of each claim's payout is subject to deductibles, which must be at least Rs. 1,000 for sums insured up to Rs. 20,000 or Rs. 2,000 for sums insured over Rs. 20,000 and up to Rs. 50,000. Unless clearly stated otherwise in the insurance certificate and changed and altered by the insurer, this is applicable.
To claim the coverage under this policy, the insurer could be contacted as below:
The following documents are mandated when making a claim for electrical devices under this insurance policy:
A completely filled-in application form
Invoice of Bill about the equipment
FIR Copy - in the event of a theft or break-in
For any questions about electronic stationery insurance contact insuranceconnect@bajajfinservmarkets for a prompt response.
A variety of payment alternatives are available, including bank transfers, credit cards, debit cards, mobile wallets, and UPI payments.
Electronics that were bought within the last 30 days only are covered. An electronic device cannot be covered by electronic stationery insurance if it has been in use for longer than 30 days.
The deductible is the sum required to be paid before claiming coverage under the insurance policy. No amount needs to be paid up-front, though. The cost is subtracted by the insurance from the coverage.
Within 24 hours of the incident, the insurer must be notified of any damage, theft, or destruction caused to the insured electronic equipment.
The policy cannot be renewed after the membership's validity has expired. It needs to be purchased again.