I agree with Christie on this one...especially since you've actually seen yours near the coral that is being eaten. Although most can be model citizens in a reef, like any creature, cowries can turn to other foods, especially in the absence of their normal food source. Cowries have been documented eating corals and other non-herbivore fare. From Rob Toonen:
"For all of the cowries for which the diet range is well known, they naturally consume a variety of animal and/or plant matter. Most species will graze anything from algae to sponges and cnidarians, but the majority of them are definitely eating a large proportion of animal prey in their normal diet. I have had cowries in my reef for years without a problem, but when adding a new fungid or anemone to the tank, the cowrie makes a bee-line for the new addition and chows into it. This just happened to me last month -- I had kept 2 money cowries in my reef tank for the past couple of years without incident, but when I recently added a slipper coral (Polyphillia talpina), one of the cowries marched right over and latched onto one of the tantacles of the coral and ripped it off. I moved it away, thinking it was just a fluke thing, but the next morning there was a patch of the coral that had been cleared of tentacles, and the cowrie was still at it -- it has been reloacted to my seahorse tank. The other cowrie paid absolutely no attention to the coral, and still hasn't...
The bottom line is that cowries have highly variable diets and there are even individual variation that comes into play. You never really know until you have the animal in your tank how it will react, or if that will change when anything new is added to the tank."