"At first glance it appears companies could buy spoliation insurance, spend less 
money on RIM/eDiscovery and take their chances that if information assets 
relating to litigation were lost or destroyed, the spoliation insurance would 
cover them..."

I don't think that is the case. In the press release (and note that it is a 
press release, not a copy of the policy), there is this statement: 


"This breach involves the failure to preserve property        of evidentiary 
value belonging to others that is in the care, custody        and control of the 
insured."

So it looks like if you are a third party involved in litigation and you lose 
some material evidence, the policy will cover any loss you incur. It doesn't 
look like a company can dodge their responsibilities to preserve evidence. My 
guess is that there are exclusions for willful destruction or other malfeasance. 
I think this is to insulate a small professional services firm if it gets caught 
up in a client's litigation and somehow drops the ball.

If anything, I could see these sorts of policies covering disasters that result 
in spoliation decisions or other accidental loss of critical evidence. I would 
expect that there are all sorts of caveats.

 Patrick Cunningham, CRM, FAI
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"Perpetual optimism is a force multiplier." 
-- Colin Powell

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