Electronic equipment insurance

In the 1920s, the classical technical facilities of the industrial age were joined by electromechanical devices such as telephones, electric clocks, telecommunications systems and, to a fairly large extent, medical equipment, such as X-ray machines, all of which involved operating risks that needed to be insured.

The Telephon-Versicherungs-GmbH was founded in Hamburg in 1919. The primary object of this company was the technical "maintenance and supervision of telephone and other low voltage current systems". It was not until a few years later that a real insurance cover for low voltage systems of this kind developed after the establishment of ELEKTRA Versicherungs-AG in Frankfurt am Main on 18th June 1923 and TELA Versicherungs-AG in Munich on 29th September 1926.

The mass use of electrical devices in the economic upswing following World War II, together with the invention of the transistor and semiconductor technology that led to today’s omnipresent computer and telecommunications systems, gave an enormous boost to electronic equipment insurance (EEI) and its supplementary products, such as data media and software.insurance and the associated loss of profit covers including network cessation insurance.

In keeping with the needs of the policyholders and based on the model of machinery and machinery loss of profits insurance, special forms of these property covers were also developed, e.g. insurance for electrical and gas appliances in households, machinery and hull insurance for mobile equipment, leasing, aero-engine, agricultural machinery and deterioration of stock in cold storage insurance.

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