Computer Insurance

Computer Insurance There are factors relating to computer insurance you need to be aware of when purchasing a policy. In the event of a loss, the insurers will only pay to replace the unit to the same specification, or as new as possible to that specification, no matter what you insured it for. A higher specification is considered betterment and would incur a payment from the insured to pay for its upgrade. Many insurers will replace the computer and some use companies to provide a replacement.  Companies will provide a new replacement to the nearest specification.  If the insured wishes to upgrade their computer, the supplier will quote an additional sum to be paid or they will advise the insurers on a cash settlement.  It is sometimes more economic to let the insurers supply a computer to a higher specification and pay the difference.

Summary

If you purchased your computer for £1500 two years ago and when the loss occurs the value is £800, insurers will either replace the computer with one of a specification as near as possible, they will not pay out for the original sum insured.  It is therefore necessary to adjust the sums insured to reflect the estimated current market value of your computer. The same formula applies to all equipment, cameras, etc.

If you need a quotation for computer insurance or have any queries or questions please contact Bromwall Ltd on 01707 883377 or email us on info@bromwall.co.uk

 

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