Technology
Cyber threats continue to grow and represent a serious challenge that all technology companies face. Just as technology companies would not go without an insurance policy to protect themselves from a fire, they shouldn't go without protecting themselves from cyber risks. Insurers offers a flexible approach to meet many of the specialty insurance needs of today's innovative technology companies including, Technology errors and omissions liability, Network and information security liability, Communications and media liability, Employed legal professional liability and Expense reimbursement. Technology businesses today are driven by data. With that comes the profound responsibility to protect your customers' private information, to prevent the inadvertent transmission of computer viruses and to ensure that authorized users are able to securely access your website or computer network. The theft or misuse of private or confidential customer information occurs daily. Even though a company may not have done anything wrong, it may face suits from its customers. What if that happened to you? Would you be prepared to face this on your own? If your only insurance coverage is a general liability policy, it's likely you don't have coverage for this type of loss.
The term electronic equipment is used for all systems which generally require very low voltage and power. These equipment are generally quiet in their operation.EEI Policy protects the Owner, Lessor or Hirer (where responsible either legally or through a leasing agreement) of electronic equipment.EEI Policy is Suitable for all electronic equipment (some examples):Computer and allied peripherals, Auxiliary equipment like UPS, Voltage Stabilizer etc.Medical,Biomedical, Equipment e.g. Cath Lab, X–ray Machine, Ultrasound machines, MRI, CAT scan Machines, Audio/Visual equipment, Electronic control panels, Telecommunication and navigational equipment, Electronic equipment for research and material testing.

The Policy is divided into 3 sections as under:

  1. This Section covers the accidental damage to the insured equipment against "All Risks,– namely:
    Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire (Fire & Allied Perils)
    • Electrical & Mechanical Breakdowns
    • Burglary & Theft
    • Negligence, Lack of Skill, Carelessness

    In short, the cover provided is for damage caused by unforeseen and sudden physical loss or damage from any cause (other than those specifically excluded- explained in subsequent paragraphs) in a manner necessitating repair or replacement.
  2. This Section covers Loss/Damage to external Data Mediai.e. Tapes, Discs, magnetic drives etc caused by any peril as mentioned earlier in Section-I. The cost of restoration of the stored data can also be covered (provided backup system is available)
  3. Increased cost of working (ICOW) for use of substituted electronic equipment for continued data processing following indemnifiable damage to insured electronic equipment can be covered under this Section.

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