Valuable Papers and Records Coverage

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Coverage Scenarios for Damage to Data and Records

LOSS VALUABLE PAPERS ELECTRONIC DATA CYBER FINE ARTS & RECORDS PROCESSING INSURANCE COVERAGE COVERAGE COVERAGE COVERAGE

Physical damage to paper records (contracts, customer files, insurance policies, etc.).

Base property policies typically include coverage under a sublimit for cost to restore records damaged by an insured peril.

Open perils coverage with its own limit can be added with a Valuable Papers and Records endorsement or inland marine policy.

Typically not covered. Coverage designed for hardware, software and data.

Potentially covered if directly tied to data processing loss (e.g., a paper licensing agreement).

Typically not covered. Covers loss to data and equipment arising from“cyber perils” such as hacking, phishing, viruses, ransomware, and others.

Typically would apply only to documents of unique and irreplaceable value described in a schedule or declarations.

Coverage would typically be valued at the prospective sale price of a document as a collectible item, not for the economic value it represents.

Loss or damage to electronic records due to physical damage to electronic equipment.

Coverage for loss to electronic data typically excluded.

Base property policies typically include coverage under a sublimit for cost to retrieve or restore electronic data lost or damaged due to an insured peril.

Open perils coverage with its own limit can be added with an Electronic Data Processing endorsement or inland marine policy.

Varies.

Some cyber policies exclude coverage for losses due to property perils; others provide coverage.

n/a

Loss or damage to electronic records due to deletion, theft or corruption of data by causes other than physical damage.

Coverage for loss to electronic data typically excluded.

Varies.

Sometimes coverage is provided for “cyber”- type perils on an open perils basis; sometimes coverage is extended only to specified causes of non-physical loss.

Typically covered, but subject to a variety of provisions in non- standardized forms.

n/a


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