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Armilla Insurance Services has introduced an AI Liability Insurance policy, underwritten by Lloyd's underwriter Chaucer, to address AI-specific risks. This policy provides clear coverage for AI failures, offering businesses protection against potential liabilities.
Armilla Insurance Services has launched a new AI Liability Insurance policy, underwritten by certain underwriters at Lloyd's, including Chaucer, announced in a press release. This innovative policy provides affirmative coverage specifically designed to address the unique risks associated with AI technologies.
The policy aims to fill the gaps left by traditional insurance policies, which often do not adequately cover AI-related failures. Armilla's AI Liability Insurance offers protection against the underperformance of AI applications, including failures to perform as intended, critical errors, and inaccuracies that could lead to damages. This coverage includes legal costs and liabilities arising from such AI failures.
As AI adoption continues to grow, the need for specialized insurance solutions becomes increasingly important. Armilla's partnership with Chaucer leverages their combined expertise to offer a product that provides clarity and certainty for businesses navigating the complexities of AI adoption.
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