Bermuda-based specialty carrier Relm Insurance has launched three AI insurance products to address the risks associated with AI in business operations.
The newly launched products are NOVAAI, PONTAAI and RESCAAI.
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These products are designed to cater to the needs of companies at the forefront of AI technology and those incorporating AI into their services in various capacities, the company said.
The NOVAAI Cyber and Tech E&O policy is crafted for AI platform companies and AI-based product/service providers.
It offers coverage against liabilities and cybersecurity risks stemming from AI software. This includes liabilities for AI products and services, media liability for AI-generated content and regulatory liabilities linked to AI.
The PONTAAI Excess DIC Wrap policy is aimed at organisations that face third-party liability risks from the use or development of AI, particularly where existing liability coverage may not include AI-related risks.
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By GlobalDataThe policy covers bodily injury, contraventions of AI regulations, discrimination, intellectual property infringement, personal injury, privacy breaches, professional negligence and property damage.
The RESCAAI First-party response policy provides coverage for organisations that utilise or embed third-party AI solutions within their business operations or products.
This policy includes coverage for business interruption, reputational harm, product recall expenses and incident response costs.
Relm categorised “emerging risks” as including regulatory complexity, the cybersecurity implications of integrating AI, algorithmic accountability, bias liability and silent AI risk, where coverage intentions are ambiguous.
Relm founder and CEO Joseph Ziolkowski said: “The rapid advancement and widespread adoption of AI have created a critical need for insurance solutions that specifically address the unique risk exposures arising from its integration into core technology, systems and workflows.
“Our aim is to provide clarity and confidence in an area where traditional approaches fall short, enabling businesses to innovate with AI securely and responsibly.”
In October 2024, Relm expanded its product range to include coverage for clients involved with Web3 technologies.
The products introduced in April last year included SIGMAWEB3, ALPHAWEB3, NOVAWEB3, VISTAWEB3 and AURAWEB3.
