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Specialty insurer Beazley is now including affirmative artificial intelligence (AI) cover in its cyber and tech Errors and Omissions (E&O) policies.
Affirmative AI cover indicates that an insurance policy states explicitly in its wording that claims related to AI are included under coverage.
The insurer’s affirmative AI wording will provide clarity and assurance for clients by explicitly outlining the AI-related risks that already exist within existing protection.
The launch of this new cover comes as businesses integrate AI at a fast pace, and cybercriminals taking the opportunity to exploit and magnify the scale and speed of their attacks.
Alessandro Lezzi, Group Head of Cyber Risks at Beazley, said: “This endorsement makes it clear to our clients that in the event of a cyber attack, AI-driven or otherwise, they are protected. There is widespread uncertainty about the future of AI and its impact on business, both constructive and destructive. Insurance policies should not add to this uncertainty.
“AI has become intrinsically linked to cybersecurity from both an offensive and defensive perspective, so as an ongoing risk partner to business, we continue to evolve our solutions. It’s yet another example of how our Full Spectrum cyber cover continuously pre-empts, adapts and responds to rapidly emerging risks.”
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