Smart Cyber: Made for Construction

Corvus is partnering with construction companies to combat cyber risk.

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The risk of a work stoppage causing chaos for an active project is just one reason construction firms are a prime target for threat actors. The industry saw ransomware attacks increase 48% from 2022 to 2023.

The bright side

Despite the current threat landscape, we’re offering broad policy language, competitive terms, and endorsements made with construction in mind.

Claim Scenario

Construction Services Company

A deceptive phishing email

A large construction firm placed an order with one of their go-to suppliers ahead of a new project. The firm received an email from the billing representative informing them that the supplier’s bank information had changed. New instructions for payment were attached.

Money is transferred to a fraudulent account

The construction company sent the payment (approximately $2,000,000). Two days later, their supplier called to inquire about the payment status, and it was quickly discovered that the firm had been defrauded by threat actors who had impersonated the billing representative.

Recovery begins

Corvus worked with the construction firm to respond to the fraudulent transfer of funds, connecting them with several vendors to investigate the wire transfer and their IT system. Since the construction company quickly notified Corvus of the fraudulent charge, we were able to help claw back a majority of the stolen funds.

Coverage

Industry-Specific Coverage

Property Damage Claims

Coverage for both first and third party property damage claims arising out of a hacking attack of the Insured’s computer system (up to $1M in limit available).

Bodily Injury Claims

Coverage for third party bodily injury claims arising out of a security or privacy breach of the Insured’s computer systems (up to $1M in limit available).

Contractual Credits and Penalties

Coverage added for service credits or contractual penalties imposed against the Insured because of a failure to deliver products or services as the result of a hacking attack of the Insured’s computer system.

Missed Bid Coverage

Coverage under business income loss is expanded for a missed bid or request for proposal (RFP) due to a total, partial, intermittent interruption or degradation in service of an Insured’s computer system resulting from a privacy breach, security breach, administrative error, or power failure.

Additional Coverage Enhancements

Regulatory and Preventive Shutdown Coverage
Vicarious Liability Coverage for the owners of properties managed by the insured
Coverage under security breach for independent contractors who fail to stop the transmission of malicious code to a third party computer system
Definition of Computer System amended to include the use of Drones, Building Information Management software and SCADA systems

Appetite

Limits up to $10M

Primary risks earning up to $5B in gross annual revenue

Excess risks earning up to $5B in gross annual revenue

Desired Sub-Classes

Construction Services

Contractor Services

*Eligibility for such program is determined when you apply for coverage. Policy quotes, terms and conditions, and premiums are made in accordance with Corvus Insurance’s underwriting guidelines. The policy, not general descriptions or material within this informational, will form the contract between the insured and our insurance carrier partners. Coverage may not be available in all jurisdictions.