Many AI risks are covered by existing insurance policies such as EPLI insurance, D&O insurance to name a few.
AI companies can buy AI Performance Guarantee to build trust with their clients.
The insurance companies require information about the AI system and the AI use case.
Insurance companies are taking different journeys for AI Insurance products.
AI Insurance covers financial losses due to AI perils while Products-Completed Operation Insurance covers bodily injury and property damage due to use of product/completed work outside the business premises.
List of losses due to AI includes financial loss and reputational loss etcetera.
AI Insurance is an umbrella term for all insurance policies that provide coverage for perils due to AI such as model under-performance, model bias and model copyright infringement etcetera that results in damages for the user of AI.
AI risk, in the context of insurance, refers to the uncertainty of financial or reputational loss arising from the development, deployment, or use of artificial intelligence (AI).
