What it does
CR 04 13 adds an insuring agreement for malicious destruction of electronic data or computer programs by an employee. Employee Theft covers stolen property, and Computer And Funds Transfer Fraud covers fraudulent entries that move money, but neither pays to rebuild data an employee deliberately wipes.
Who needs it
Businesses dependent on data, such as professional firms, software developers, and any account with disgruntled-employee or sabotage concerns.
How it fits the policy
Optional insuring agreements like this one are not part of the base forms. When attached, the agreement and its limit and deductible are shown in the declarations under the insuring agreements added by endorsement, and the agreement is subject to the base form's general exclusions and conditions, including the discovery or loss sustained trigger of the form it is attached to. ISO's forms index lists the current edition for 52 jurisdictions.
Quoting and selling notes
- Coordinate with the cyber policy, which may cover data restoration from internal bad actors.
- Ask about access controls and how quickly access is removed on termination.
