What it does
BP 15 60 adds a Cyber Incident exclusion to Section I – Property. Loss or damage caused directly or indirectly by (1) unauthorized access to or use of any computer system, (2) malicious code, viruses or other harmful code, or (3) a denial of service attack is excluded, regardless of other causes contributing concurrently or in any sequence. Vandalism is amended so it does not include a cyber incident.
Exceptions
- Resulting fire or explosion is covered.
- The exclusion does not apply to the Electronic Data and Interruption of Computer Operations additional coverages, or to the Computer Fraud and Funds Transfer Fraud, Electronic Commerce and Information Security Protection endorsements when attached.
Who needs it
Carriers use it on BOP property to make the cyber position explicit. BP 15 61 is the alternative version with ensuing cause(s) of loss exceptions.
Quoting and selling notes
- Explain that ransomware or malware damage to systems is not a property loss under the BOP beyond the small electronic data and computer interruption sublimits.
- Offer BP 15 07 or a cyber policy for first-party cyber losses.
