Intangible property is a large part of most technology firms. Intangible Property includes software and data, exposed to damage or theft by electronic means such as virus, unauthorized access or usage, as well as theft of computer system capacity.
Property forms respond to direct physical loss such as fire or windstorm – not computer attacks. Limited coverage may be available for intangible property loss due to a physical event, but property forms are not able to sufficiently deal with loss resulting from non-physical events such as viruses or other types of computer attacks.
Under a comprehensive network risk program, coverage for the damage, destruction, corruption or theft of an Insured’s important information assets, including bandwidth, due to a covered computer attack. That may address some of the coverage concerns for intangible property. However, every exposure and situation is different.
TechAssure members are experts in designing insurance products that are tailored around the unique needs of a technology firm. Contact a TechAssure member to help you design a comprehensive program.