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External Data Media Coverage
Dec 8, 2023

A Guide To External Data Media Coverage In Bharat Sookshma Udyam Suraksha Commercial Package Policy

The Bharat Sookshma Udyam Suraksha Commercial Package Policy is a general insurance policy providing financial protection to MSME organisations. For the uninitiated, MSMEs refer to Micro, Small and Medium Enterprises within India. This policy is meant specifically for Micro enterprises; the ‘Sookshma’ term in the policy name corresponds to ‘Micro’ within the scope of MSMEs. The Bharat Sookshma Udyam Suraksha Commercial Package Policy provides coverage against a wide variety of perils for micro-level organisations, including against loss or damage to external data media. All coverages in an insurance policy can be better understood by exploring the policy wordings, terms and conditions, and exclusions. With that in mind, let’s look at the external data media coverage in the Bharat Sookshma Udyam Suraksha Commercial Package Policy in detail. * Claims are subject to terms and conditions set forth under commercial insurance policy.

What is Meant by External Data Media Coverage in Bharat Sookshma Udyam Suraksha Commercial Package Policy?

Let’s understand how the coverage under the external media data section works within this MSME insurance policy’s scope. *
  1. Firstly, it is important to note that external data media coverage is a sub-coverage under the electronic equipment insurance cover.
  2. Under the scope of the external data media coverage, the insurer agrees to indemnify the insured if the external data media entered in the policy schedule which includes information stored on that, which can be directly processed in EDP systems, shall suffer material damage caused by perils covered under the relevant sections of the policy.
  3. The company will indemnify the insured in respect of such loss or damage up to an amount not exceeding within any one year of insurance with respect to each of the data media specified in the policy schedule, the sum set opposite to that, and not exceeding in all, the total Sum Insured.
  4. The above point is applicable provided that such loss or damage occurs during the policy period stated in the policy document or during any subsequent period for which the insured pays the premium and the policy is renewed by the insurer.
  5. The coverage is only applicable while the insured data media are kept within the premises.
  6. Coverage against restoration of data can be provided under the relevant sections of the policy only if the backup system is available.
Claims are subject to terms and conditions set forth under commercial insurance policy. Now that the coverage scope under the external data media coverage may be clear to you, let’s look at the special exclusions applicable to the same.

Special Exclusions under External Data Media Coverage

As per the Bharat Sookshma Udyam Suraksha Commercial Package Policy wordings, the insurer shall not be liable for the following:
  1. Deductible stated in the policy schedule that shall be borne by the insured in any one occurrence.
  2. Costs arising from false programming, punching, labelling or inserting, inadvertent cancelling of information or discarding of data media, and loss of information caused by magnetic fields.
  3. Consequential loss, whether it be of any kind or description.

Provisions Applicable to External Data Media Coverage 

Along with the exclusions, there are certain provisions applicable to this coverage as well. These are:
  • Memo 1 - Sum Insured

This insurance policy requires that the sum insured shall be the amount required for restoring the insured external data media by replacing the lost or damaged data media with new material and reproducing lost information.
  • Memo 2 - Basis of Indemnity

The company will indemnify the expenses that can be proved to have been incurred by the insured within the period of 12 months from the date of the occurrence strictly for the purpose to restore the external data media that has been insured. The restoration shall be to a condition equivalent to that existing prior to the occurrence and necessary for permitting data processing operation to be continued in the normal manner. If it is not necessary to reproduce lost data or information, or if such reproduction is not generated within 12 months after the occurrence, the insurer shall only be liable to indemnify the expenses insured for replacing the lost or damaged data media themselves with new material. Concerning the date of a covered occurrence, the sum insured shall be reduced for the remaining policy period by the amount of indemnity paid, unless the sum insured is reinstated.

Another Important Point to Note:

The Bharat Sookshma Udyam Suraksha Commercial Package Policy is a general insurance policy offering standard fire insurance coverage, burglary coverage, money insurance coverage and more. All coverages are subject to a list of general exclusions and a set of terms and conditions. Additionally, the electronic equipment insurance cover also has exclusions and a set of terms and conditions. * Claims are subject to terms and conditions set forth under commercial insurance policy. All conditions must be kept in mind when laying a claim under the external data media coverage. Ensure to protect your micro business organisation with the right general insurance policy like the Bharat Sookshma Udyam Suraksha Commercial Package Policy.   * Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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