QBE North America is enhancing its equipment breakdown coverage with the first equipment breakdown and technology insurance to cover losses resulting from microelectronic failures.
Most equipment breakdown and property insurance options require evidence of physical damage to cover losses and do not adequately address microelectronic risks, according to a statement from QBE North America. The insurer’s new enhancement will expand the current equipment breakdown coverage beyond evidence of physical damage to circuit boards, computer chips and other microcircuitry, helping policyholders recover from damage to systems or equipment that cannot easily be traced and recoup the costs of a microelectronic failure, including business interruption, data loss and reputational damage.
To address additional emerging technologies, QBE North America’s new equipment breakdown coverage also includes enhancements to existing service-interruption coverage for cloud computing services and adds data restoration coverage for data lost due to a utility service interruption, such as loss of electrical power. It also offers off-premises business income and extra-expense coverage for mobile equipment and technology, as well as new public relations coverage to help commercial entities overcome business interruption and reputational issues from equipment failures.
Source: QBE North America