Mobile Equipments

Mobile Equipment’s (Applicable in respect of Silver, Gold, Platinum and Diamond Plans only)
 

Items covered

 

Mobile Equipment’s would mean Digital/Video Cameras, Binoculars. Mobile/Smart phones, Ipads, Ipods, Laptops, Palmtops and e-readers.
 

Coverage:

 

Loss of or damage to or destruction of Mobile equipment’s owned by you & your family whilst anywhere in the world, caused by or arising out of
1. Fire & Allied Perils.
2. Burglary and Housebreaking excluding Theft.
3. Electrical and Mechanical breakdown.
4. Accidental Damage.
 

Conditions:

 

1. Claims subject to a depreciation of 25% every year subject to a maximum of 75%.
2. The limit per item under this section shall be restricted to the actual value or 10% of the sum insured under this section as specified in the Schedule of the policy, whichever is lower. Further, wherever waiver of per item limit has been opted by payment of additional premium and endorsed in the policy, “Limit per item” shall not apply under Silver and Gold Plans.
3. The maximum liability of the Company in the event of admissible claim of any one item/s following a loss or damage under Gold Plan shall be the actual value or 10% of the sum insured under this section as specified in the Schedule of the policy, whichever is lower.
4. Covered items should not be used for commercial purpose. For e.g digital / video cameras.
 

Important Exclusions applicable for this section:

 

Items of age more than 4 years old excepting in the case of Digital/Video cameras where it will be more than 10 years old.
 

Basis of coverage

 

1. Silver/Gold – On Named peril basis with depreciation and per item limit.
2. Silver/Gold – On Named peril basis with depreciation and with a 10% loading on premium rates for waiver of per item limit.
3. Platinum - On Named peril basis with depreciation and without per item limit.
4. Diamond – On Named peril basis with zero depreciation and without per item lim
 

Example:

 

If under a Gold Plan, If an ipad is lost by theft, claim is not admissible as it is an excluded peril. If a 2 year old ipad accidentally falls under water and needs to be completed replaced, then the claim shall be payable for current day replacement value of ipad (same model) after deducting depreciation at the rate of 25% every year and application of excess.