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Date : Aug 30, 2008

Question

Under Electronic Equip. Insurance,bank having coverage for their equipments having 5 year old euipment.now they are having renewal in sept.08,how sum insured of that equipments should be considered.please be guided.

Answer

The amount of insurance required for any product is equal to its depreciated value. Depreciation means the reduction in the value of an asset on account of wear and tear, depreciation is charged every year based on certain predefined percentage.


For example, if the price of equipment when you bought was Rs. 100000, suppose the depreciation will be charged at the rate of 20% per year. After first year the depreciated value of your equipment will be Rs.80000(100000-20000). 20000 is the depreciation charged for the first year at the rate of 20%.the same process will be followed every year to determine the value of equipment.

The rate of depreciation could be different for different years, you can check the depreciation schedule in your insurance policy document.

 

 

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