Getting insurance for expensive hearing device

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Life or health insurance policies are most popular. People also buy motor insurance and travel insurance. They may consider home insurance too. Gradually, cyber insurance and pet insurance are also becoming popular. There are byte-sized insurance products such as cycle insurance or trip insurance. But, what about unique insurance requirements for which no product exists? You may buy an expensive gadget for which you want an insurance cover. Not many people know that there exists an all-insurance policy. We received the following query on Money9 Helpline:

My child was born with Congenital Hearing Loss in both ears for which last September he underwent Cochlear Implant surgery on his right ear. It cost us 12 lakhs (Inclusive of surgery, wherein 50% was covered by a public sector bank where my wife is employed). In an unfortunate incident, my child’s cochlear hearing device fell off a couple of days ago while traveling and we lost it. I am trying to arrange funds to get a new one. Is there any insurance that we can buy to protect ourselves from such recurring costs?

– Anirudh Prasad

We approached two experts for this particular query.

By Prerak Sethi, founder, RIA Insurance

Check with different insurance companies if they are willing to cover the device under All Risk policy. This policy was designed to cover loss or damage to high-value items. This policy is not a very well-advertised cover. Reach out to public sector companies as they used to issue these policies for covering high-value cameras etc. However, let them not confuse this with all-risk policies issued for contractors under engineering LOB. For a reference, check out the following All-Risk policy by United India Insurance Company.

By Rakesh Goyal, Director, Probus Insurance

One can get insurance against any financial loss suffered due to repair and replacement of high-value items. However, one has to look at the quantum of coverage provided by the insurance companies. Such covers offer accidental damage cover and breakdown cover. However, loss or damage due to the external means is not typically covered in the policy. You must read the exclusions before buying the policy.