Sample Insurance Policy
Some important facts about Computer Equipment insurance are summarised below. This summary does not describe all the terms and conditions of the policy, so please take time to read the policy document to make sure you understand the cover it provides. Please refer to the Policy Schedule, which is given to you when the policy is confirmed, which will detail the period of cover and the Equipment and values insured.
Features and Benefits
Your equipment is covered against theft, fire, flood and accidental damage.
The cover applies whether an incident takes place, in the car, at home or in any other location – including temporary visit outside the UK.
- No excess or deductible
- In the event of an agreed total loss claim, a replacement unit is supplied
- In the event of an agreed damage claim, your equipment is repaired
- Cover extends to standard software
Theft: The policy defines this as loss as a result of violent or forcible entry or exit from the property stated on the schedule or theft of the equipment from the insured involving force or the threat thereof. Where the equipment is portable cover extends to any location while under the control of the insured.
Force: The actions of an individual or individuals where violent physical contact is applied to you or the threat of violent physical contact is made against you.
Significant and or Unusual Exclusions
The insurer has certain common insurance exclusions such as those relating to damage caused by war, nuclear risk, Sonic boom or your intentional acts etc. Full details can be found in your policy document.
The only major exclusions are:
- Damage or destruction due to defective design or workmanship, general wear and tear, mechanical and electrical breakdown – See Exclusion 1 of your Policy document.
- Thefts from unattended cars where the item was not locked away from view – See Exclusion 2a of your policy document.
- Where equipment has been left unattended in a public place – See Exclusion 2b of your policy document.
- CompuCover will only pay for carriage costs within the UK. Should equipment need to be collected and/or delivered outside the UK, you are responsible for these carriage costs.
- Handling and/or using the equipment that is not accordance with the manufacturer’s handbook- See Exclusions 1g & 3c of your policy document.It is your responsibility to read and thoroughly understand the terms and conditions of your policy document. Please refer to your policy document.
We hope you are happy with the cover this policy provides. However you have the right to cancel it within 30 days of receiving the policy and a full refund will be given. After the 30 day “cooling off period” there are no refunds given. Refer to your Policy document for full details.
Within 14 days of the occurrence of the Insured Event, notify the Insurer by writing to your Insurer. Full details of the claims procedure can be found in your policy document.
If you are not satisfied
It is the intention to give you the best possible service but if you do have any questions or concerns about this insurance or the handling of a claim you should in the first instance contact your Insurer at the address given. Please refer to the policy document for full details of the complaints process.
Financial Services Compensation Scheme (FSCS)
This insurer is covered by the Financial Conduct Authority (FCA). You may be entitled to compensation from the scheme, if they cannot meet their obligations. This depends on the type of business and the circumstances of the claim. Most insurance contracts are covered for 90% of the claim with no upper limit. You can get more information about compensation scheme arrangements from the FCA or visit www.fca.org.uk/
The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
- Whose products do we offer?
We offer products from more than one insurer for the insurance risks arising from the ownership of Information Technology.
- What service will we provide you with?
You will not receive advice or a recommendation from us. You will need to make your own choice about how to proceed.
- What will you have to pay us for our services?
x No fee
Please note that this sample document is intended as a guideline only.