Frankenmuth Insurance is pleased to announce the launch of Cyber Plus starting March 1, 2014.
What makes Cyber Plus different?
The Cyber Plus Coverage Guide provides a summary of each coverage in the order they appear in the form and it includes claims examples to illustrate how coverage is triggered. Below is an excerpt featuring a Cyber Plus 1st Party Coverage.
Network Asset Protection
The destruction of electronic data can cripple the operation of a small business. Add lost income to the expense of restoring both the lost electronic data and the insured’s reputation, and the insured may soon be closing their doors.
Network Asset Protection reimburses the insured for
· Expenses to recreate, replace or restore data and software programs
· Loss of income due to full or partial loss of service of insured’s computer system
Claim example: Loss of Digital Assets
The insured’s future relies on the new product plans housed in their database… A disgruntled IT employee intentionally destroys several critical files, compromising months of hard work. The insured must hire a computer forensic specialist to recover the lost information.
Claim example: Non-Physical Business Interruption & Extra Expense
The insured’s server is infiltrated by a hacker. The perpetrator deletes vital application files, rendering the insured’s on-line system useless and results in a five-day outage. In addition to loss of sales, consultant’s fees to remediate this disaster are significant.
Next week’s blog features Cyber Extortion, a growing threat for small and mid-size businesses.
Cyber Plus Booklet Final (FI) .pdf (892.67 kb)
