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Portable electronic equipment (PEE)

Speed and efficiency has become paramount for our survival. To aid us in our daily activities, we are equiped with laptops, iphones, ipads etc. All these electronic equipments are generally very expensive in nature and delicate too. A small breakage or accident can completely make this gadget non functional.

Portable Electronic Equipment policy covers accidental damage and breakdown including fire, theft, robbery and malicious damage to new portable electronic equipments. Most of these expensive gadgets are used by business executives while on travel when the probability of theft and accidental damages are very high.  This policy can also cover cameras and  medical equipments. This PEE insurance covers the risk of

  • Fire, explosion, lightning.
  • Burglary/ theft.
  • Accident.
  • Electrical and mechanical breakdown.

Sum Insured will be equal to the cost of replacement of the insured equipment by new equipment of the same kind and same capacity, which shall mean its replacement cost including freight, dues and customs duties, and assembling costs, if any.

However there are certain exclusions for the PEE insurance. The  major exclusions are  

  • Manufacturing faults or defects.
  • Loss due to climatic conditions.
  • Cost of maintenance.
  • Loss or damage for which insured is contractually liable.

The next time you buy an new iphone or ipad and before you flaunt it in front of friends, arm yourself with a PEE insurance as there would be lots of trails!