“There has been a huge increase in the number of insurers that specifically exclude cyber events that affect digital building systems, such as HVAC, lighting, elevator, parking, and access control, from their policies. The latest policy from Allianz Engineering for construction and power, for example, explicitly excludes coverage for loss, damage, legal liability, additional expenditure or cost consisting of or in consequence of cyber events.
‘Most of the industry is probably self-insuring and does not know it, while at the same time doing very little to mitigate the actual risks,’ Rob Murchison, principal at Intelligent Buildings, told Memoori.”
Source: Landlords face insurance pitfalls as buildings get smarter | PlaceTech