Can I take insurance for a laptop, which I received as a gift? If yes, please suggest some policies and also explain the exclusions under such policies.
Once the asset belongs to you, you can procure the insurance cover for it. The policies available for laptops are generally known as ‘special contingency policies’ or ‘all risk covers’. These policies are designed to cover the risk of fire, theft, accidental breakdown and such other risks as given by the insurer. These policies will provide compensation in event of a loss or damage to the equipment based on cost of repairs or replacement based on market value. The exclusions under the policy are manufacturing faults or defects and loss due to normal wear and tear.
Once the asset belongs to you, you can procure the insurance cover for it. The policies available for laptops are generally known as ‘special contingency policies’ or ‘all risk covers’. These policies are designed to cover the risk of fire, theft, accidental breakdown and such other risks as given by the insurer. These policies will provide compensation in event of a loss or damage to the equipment based on cost of repairs or replacement based on market value. The exclusions under the policy are manufacturing faults or defects and loss due to normal wear and tear.
