Corporations may be compelled to buy specialized insurance to protect themselves against damages from computer viruses because reinsurers are excluding those losses from catastrophe coverage in property and casualty policies.
Reinsurers began putting exclusions for virus claims into their treaty reinsurance contract renewals in January, says Jill Dalton, North American property practice leader at Marsh & McLennan. More are expected to follow at the July 1 renewal period, meaning corporations will likely get the news soon.
"The direct (insurance) markets will follow through with exclusions for our clients," Dalton says.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
