Compliance
AI Insurance
Insurance products covering AI-specific risks including errors, bias, and liability.
Definition
AI Insurance refers to insurance products designed to cover risks specific to AI systems. As AI-related claims increase, insurers have developed specialized coverage:
- AI errors and omissions: Coverage for AI system failures and inaccuracies
- Algorithmic liability: Coverage for discrimination or bias claims
- AI cyber coverage: Data breaches and security incidents involving AI
- IP coverage: AI-related intellectual property claims
Key considerations:
- Traditional policies may exclude or inadequately cover AI risks
- Insurers require detailed AI risk assessments and governance documentation
- Coverage gaps may exist for emerging AI risks (hallucinations, deepfakes)
- Premiums vary significantly based on AI use cases and controls
Sources
- •Insurance Regulation
- •Emerging Risk Coverage
Related Terms
AI Indemnification
Contractual protection where one party agrees to compensate another for AI-related losses....
Civil Liability Insurance
Mandatory insurance covering AI-related harm for regime participants....
Artificial Intelligence (AI) Systems
Advanced analytical and computational technologies simulating human intelligence for learning, problem-solving, and decision-making....
AI Warranty
Contractual guarantees about AI system performance, accuracy, or compliance....
AI Liability
Legal frameworks determining responsibility and compensation when AI systems cause harm or damage....