The difference between electronics insurance and the business contents cover on your business policy lies in the cause: here, damage arising from within is covered too, such as a burnt-out circuit board or an operating error.
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Work out for yourself what it would cost.
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We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Electronics insurance is all riskscover on named equipment. Where fire or business contents cover works with a list of events, this policy pays out for any sudden and unforeseen damage that is not excluded. That includes inherent defect, short circuit, power surges, moisture, damage from dropping and knocks, and errors by your own staff in operating the equipment.
That makes it suitable for equipment that is expensive, vulnerable and business-critical: servers and network equipment, medical and dental equipment, measurement and control installations, camera systems, audiovisual technology and till systems. The equipment appears on the policy by description or on a specification list, which is what distinguishes this insurance from unspecified business contents insurance.
Two extensions determine its real value: reconstruction costs for restoring data and software, and additional costs to allow you to keep working with temporary equipment. Without those two, the policy pays only for the box and not for the days you are at a standstill.
Electronics insurance through Allianz: what is covered?
The structure of the cover in three parts, with an overview per situation below.
Our role
Independent
We are not tied to any single company.
Several providers compared
Advice follows your situation
AFM licence 12016589
When taking out cover
What we do
From assessment to policy.
Matching cover to your work
Conditions side by side
Switching, including cancellation
After that
In the event of a claim
What really matters.
Notification and guidance
Assessing a rejection
Objection where necessary
What is covered
What we look at
Explanation
Does the cover suit your activities
Yes
Sum insured and excess
Yes
Exclusions and clauses
Yes
Fit with your other policies
Yes
Premium in relation to the conditions
Yes
Comparing on premium alone
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Inherent defects and operating errors are covered here
If a power supply fails without any identifiable external cause, ordinary business contents cover refuses the claim: there is no covered event. Electronics insurance does pay out, because it covers the damage itself regardless of its origin. The same applies where a member of staff drops an instrument or connects the wrong voltage. This reversal of the burden of proof is the heart of the product and the reason for placing it alongside your business policy.
Data and settings cost more than the hardware
A replacement server is delivered quickly; rebuilding configurations, licences, integrations and data is not. The reconstruction costs module pays the labour costs and external help to restore all that to the state it was in before the loss. Note the boundary: loss of data through an attack or encryption belongs not here but with the cyber insurance, even where the same equipment is involved.
Replacement value as new, market value and the age of the equipment
Most policies pay out on replacement value as new for as long as the equipment is younger than an age stated in the policy conditions, and on market value after that. With IT equipment that dates quickly, that means a considerable difference at the moment of loss. If there is still equipment on the list that was replaced long ago, you are paying premium on equipment that is not there. That is why we update the specification with you every year.
What is excluded
Excluded are wear, ageing and gradual deterioration, damage covered by a guarantee or a current maintenance contract, and cosmetic damage such as scratches that do not affect operation. Software errors, incorrect programming and the recovery of data without physical damage are also excluded, as is equipment you use away from the stated location without notifying the insurer. Portable equipment on the move calls for express away-from-premises cover.
What does your premium depend on?
Total value of the equipment declared. The specification list with replacement values forms the basis on which the premium is calculated.
Type of equipment. Medical or measuring equipment with expensive components has a different claims profile from office computers.
Age and basis of settlement. The longer settlement on replacement value as new continues, the higher the premium for the same equipment.
Fixed installation or mobile use. Equipment that travels to sites runs risks of dropping, knocks and theft that fixed equipment does not.
Reconstruction and additional costs included. These extensions are priced separately and are often the largest item where systems are business-critical.
Climate control and power supply. A climate-controlled server room with emergency power and surge protection lowers the expected claims burden.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your activities, turnover and wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Does my business contents insurance not already cover my computers?
It covers them against named events such as fire, burglary and water damage. If a device fails without such an event, there is no cover. Electronics insurance does not ask about the cause but about the damage, and therefore also pays for internal defects and operating errors. For equipment your operations depend on, that is the difference between standing still and carrying on.
What if the equipment is still under guarantee or a maintenance contract?
Then that arrangement takes precedence. Insurers exclude damage that the manufacturer or maintenance provider has to put right under a guarantee or contract, to prevent you being paid twice for the same repair. In reality that matters mainly with new equipment: the policy then only becomes relevant for causes the guarantee excludes, such as damage from dropping, moisture or power surges.
Is my equipment also insured when I work with it on site?
Only if the policy expressly provides for it. The basic cover generally applies at the address stated on the policy. For laptops, cameras, measuring instruments and presentation equipment an extension for use elsewhere is needed, usually with a separate limit and with requirements on how you leave the equipment in a vehicle. We go through those requirements with you in advance.
Does the policy also pay the turnover I lose while repairs are carried out?
Not by itself. The basic cover pays for repair or replacement of the equipment. If you also want the consequences of downtime covered, you choose the additional costs module, which pays for hiring replacement equipment and for extra effort. Where it concerns genuine loss of turnover after physical damage, that belongs on the business interruption insurance.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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