SUMMARY OF TERMS & CONDITIONS FOR INSURANCE OF GADGET


Beneficiary/Insured :


“Beneficiary”/Insured: Purchaser of the gadget as per the purchase invoice and who has got free insurance bundled with value added services being opted by Beneficiary and offered by Policy Holder and the details of which are intimated to Insurer under the declaration. It is agreed that the Insured Gadget can be used by the Beneficiary and/or where such subscriber is a corporate entity, Beneficiary User shall mean any representative/employee of the subscriber who is authorised by the subscriber to use the Insured Gadget. It is also agreed that the Insured Gadget can be used by the Beneficiary and/or his/her near family i.e. Spouse, Parents & Children (above the age of 5 years). Registration/activation for the insurance cover shall be done by the Beneficiary within 15 days of purchase of the Insured Gadget by the Beneficiary. Beneficiary once registered will not have provision for cancellation of policy and refund.

Property Insured/Device :

A Mobile, Electronic Tablet, Kindle, Laptops (excluding charger and all other accessories) having invoice value from INR 5000 to INR 1,50,000 including taxes as evidenced by relevant proof of purchase, provided that it has legal IMEI (International Mobile Equipment Identity) Identification and / or Serial Number issued to the Owner, from the time the Owner legally purchased the phone for valid consideration AND at the same time opted to be covered under the scheme of All Risk insurance. Also gadgets purchased out of India are not a subject matter of this Insurance Policy

The liability of the Company for any one item of the Insured property shall not exceed in aggregate in any one period of Insurance the sum insured set against such items in the attached Schedule.

Period of Insurance: shall be one year from the date of registration of the gadget by the Beneficiary.

Sum Insured : For each gadget means the invoice value of the Insured Gadget.


Coverage

 

The insurer hereby agrees (subject to terms, conditions, and exclusions herein contained or endorsed or otherwise expressed hereon) to indemnify the insured in respect of the property of the insured against any loss, destruction or damage by Fire and its allied perils, Earthquake, accidental External damage (including Liquid damage) It is also agreed that battery of gadget to be covered if gets damaged under valid accidental damage/Liquid damage claim. Coverage applicable worldwide (as per territorial limits mentioned above ) and Jurisdiction-India only.


Fire and Allied Perils: means fire and allied perils including Fire, Lightening, Riot, Strike and malicious damage, storm, cyclone, typhoon, tempest, hurricane, Tornado, flood, inundation, earthquake, as defined in erstwhile All India Fire Tariff published by Tariff Advisory Committee.


Accidental External Damage: means physical breakage or destruction of the Insured Gadget due to any accidental causes other than those causes that are specifically excluded under the Policy.


Liquid Damage: Damage or loss to the Insured Gadget caused by water or any form of liquid occasioned by accidental ingress affecting proper functioning of the Insured Gadget.


Beyond Economic Repair/"BER": means where the cost of repair of the Insured Gadget is equal to or more than 80% of the Sum Insured of such Insured Gadget.

Sum Insured: for each gadget means the invoice value of the Insured Gadget.


Basis of Indemnity

In the event of repairs (partial loss), insurer’s liability shall be restricted to the actual repair cost without applying depreciation on parts or spares replaced, less applicable Excess.

Special Conditions


  1. Claim to be informed/ registered within 2 working days from the loss/damage of device as per details mentioned in the insurance cover. No claim will be payable in case the claim along with complete documentation is not submitted to HDFC ERGO within 60 days of date of loss for normal claims & 90 days for claims involving part not available. For parts not available claims Certification of ACS confirming the same is required.
  2. The repair of the damaged device to be carried out at authorized service centres within India only. Claim shall be repudiated in case of repair work is carried out at unauthorised Service Centres.
  3. Claim shall be settled on Part or Full basis upto the limit of the Sum Insured as mentioned under the cover. The policy ceases to exist once full sum insured is claimed. No reinstatement of sum insured allowed under the cover(Other than Kindle).
  4. Under Insurance Waiver-It is hereby agreed and declared that in case of multiple claims under the individual certificate, after the payment of first claim under the certificate of insurance the sum insured will stand reduced to the extent of the claim paid. For each subsequent claim only balance sum insured will be available for the purpose of settlement of claim and condition of under insurance will not applied for these claims. Maximum liability of the company shall in no case exceed the Sum Insured stated under the individual certificate of insurance ( Applicable for Other than Kindle).
  5. In case the repair cost exceeds 80% of invoice value, it will be treated as total loss.

 

Special Claim Conditions


  1. Should an insured item be partially damaged but repairs cannot be affected due to non-availability of spares, the insurer liability shall be worked at Sum Insured of damaged item less Depreciation less salvage less underinsurance (if any) less applicable excess. It agreed that no further claim can be made against the same item under the policy and cover for that particular gadget shall cease to exist post such claim settlement.
  2. In the event of loss to any insured gadgets and if estimate provided by ASC is for replacement and not for repair, such gadgets shall be replaced if the replacement cost is 80% or less than 80% of the invoice value of the insured gadget and the insurer’s liability would be replacement cost less excess fee. Whereas the insurance company shall the treat the claim as Total loss/BER if the replacement cost is more than 80% of the invoice value of insured gadget and it’s liability would be invoice value less Depreciation less salvage less underinsurance (if any) less applicable excess and gadget to be retained by the customer.
    It is important to note that in both the above scenarios mentioned in replacement , only one such claim shall be payable in the existing life of the policy on that insured device and the cover for that particular gadget shall cease to exist post such a claim settlement(Other than Kindle).
  3. In internal damage/liquid damage cases, Service engineer report/Authorized Service Centre to certify cause of damage, in case no external damage is noted by surveyor/insurance Company.
  4. It is important to note that option for Reinstatement is allowed only for Kindle and the premium towards the same on prorate basis to be deducted from the Claims amount.
  5. In cases where device is replaced instead of repairs ,copy of Swap Letter to be provided as proof which will mention the details of the amount, the Identification No. of the Old Kindle being replaced and the Identification No of Refurbished/New Kindle.

 

Depreciation Scale


S.No Month Applicable for (Total loss/BER)
1   0-6 Months   15%
2   6-12 Months   30%


EXCESS:


S.No Sum Insured Excess
1   Equipments From Rs 5000 to Rs 50,000   5% of claim amount Subject to Min of Rs 500
2   Equipments From Rs 50,000 to Rs 100,000   5% of claim amount Subject to Min of Rs 1,000
3   Equipments From Rs 100,000 to Rs 150,000   5% of claim amount Subject to Min of Rs 1,500


SALVAGE :

The Insurer shall, upon settling the Claim on Total Loss or BER basis, be entitled to deduct Salvage of Flat Salvage of Rs 750 and shall allow the Beneficiary to retain the salvage.

 

Special Exclusions: The Insurer shall not be liable for :

  • Any loss/damage caused due to explosion of battery.
  • Electrical and Mechanical breakdown and including any kind of damages falling within purview of warranty.
  • Loss of or damage to the item covered under this policy falling under the terms of the Maintenance Agreement.
  • The Excess stated in the Schedule to be borne by the Insured in any one occurrence.
  • Loss or damage caused by any faults or defects existing at the time of commencement of the present insurance within the knowledge of the Certificate Owner or his representatives, whether such faults or defects were known to the company or not.
  • Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitations, erosion, corrosion, incrustation) or of gradual deterioration due to atmospheric conditions.
  • Any costs incurred in connection with the elimination of functional failures unless such failures were caused by an indemnifiable loss of or damage to the insured items.
  • Any costs incurred in connection with the maintenance of the insured items, such exclusion also applying to parts exchanged in the course of such maintenance operations.
  • Loss or damage for which the manufacturer or supplier of the insured items is responsible either by law or under contract.
  • Consequential loss or liability of any kind or description.
  • Aesthetic defects, such as scratches on painted polished or enamelled surfaces.
  • Terrorism Damage.
  • Loss of damage due to war or nuclear perils.
  • Intentional or willful act of the insured party.
  • Any unexplained disappearance of the Insured item.
  • The cover shall be voidable in the event of misrepresentation, misdescription or non-disclosure of any material particular.
  • Ionising radiation or contamination by radioactivity from any source whatsoever.
  • Marine cover is not Extended.
  • Mysterious disappearance.

Further all special exclusions not contained in (1) to (19) shall be as per our Standard Portable Electronic Equipment Insurance (All Risk) policy.

 

NOTICE OF CLAIM

The Beneficiary and/or Policyholder must do the following:-

  1. Beneficiary to inform the Policy Holder within two working days of discovering of any loss covered under this Policy.
  2. Policy holder to intimate the claims to Insurer within Four working days of receipt of intimation from Beneficiary.
  3. Beneficiary to submit required claim documents, within (15) working days from date of notification of the above mentioned incident for assessment of claim. Policy holder to submit all the claims documents to Insurer within fifteen (15) working days of receipt of the documents from Beneficiary /ASC, as the case may be except any delay, of maximum two (2) working days, which has happened due to any event which is beyond the reasonable control of Policy Holder.
  4. The Policy Holder or beneficiary shall produce for the Insurer's examination all required documents, and shall provide all reasonable co-operations to the Insurer in all matters, pertaining to any Claims. Failure to comply with this condition may prejudice the Claim. Filing a false or a fraudulent Claim will invalidate the Claim and result in the Insurer rejecting the Claim and any other action deemed fit.
  5. Failure to furnish all the desired original claim documents for settlement within the 60 days from the date of intimation of the loss for normal claims and 90 days from the date of intimation of loss for parts not available claims, by the Beneficiary, shall invalidate the Claim.
  6. All documents, affidavit information and evidence are to be provided by the Beneficiary at his own expense.

Claim documents

Beneficiary to Lodge a claim with the following conditions and documents as per the nature of claim given in Annexure 1 below

  • All repairs to happen from the Authorized Service Centre (ASC).
  • FIR copy to be furnished. In case if police is not filing FIR, Police General dairy entry copy to be furnished.
  • These are standard set of documents required to settle the claim. The Insurer may ask for more documents on case to case basis.
  • Submission/sharing of the documents do not guarantee any admissibility of a claim.
Annexure 1
Documents required in event of claim
Documents Accidental/Liquid Damage Accidental/Liquid Damage
  Partial Loss Total Loss/BER
Claim Form Yes ('O') Yes ('O')
Discharge Voucher Yes ('O') Yes ('O')
Photographs of damaged gadget along with IMEI/serial no of asset covered Yes ('C') Yes ('C')
Purchase Invoice Yes ('C') Yes ('O')
ID Proof Yes ('C') Yes ('C')
Repair Estimate Yes ('C') Yes ('C')
Repair Bill/Replacement bill copy Yes ('O') Yes ('O')
Discharge Voucher Yes ('O') Yes ('O'),If repaired
FIR NA NA
Translation of FIR if not provided in Hindi/English NA NA

 

*"C" denotes copy & “O” denotes original documents

For Claims please contact:

Toll free – 1800-420-4664

or

E-mail-imcoverplus.in@ingrammicro.com

Please courier documents to –

Cover Plus Department

Ingram Micro India Pvt. Ltd

G-9, Block B-1, Mohan Co-operative Industrial Estate,

Mathura Road,

New Delhi – 110044