Relm launches new insurance solutions for AI liability

Insurance solutions provider Relm has launched three Artificial Intelligence (AI) liability solutions to address emerging risks in the AI ecosystem.

These solutions aim to provide comprehensive coverage for businesses creating and adopting AI technology, as well as for those utilising AI in more peripheral capacities.

“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” said Joseph Ziolkowski, CEO and Founder of Relm Insurance.

He added: “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.”

According to Relm, its NOVAAI product is a good fit for AI platform companies or for AI-based product and service companies who have a liability and cyber security exposure as a result of the AI software they are developing and selling.

NOVAAI covers liability for AI tech products & services, media liability for AI generated content, and AI regulatory liability cover, as well as discrimination exclusion carveback, AI regulatory liability cover and ‘deep-fake’ digital crime cover.

Companies that use or create AI and could be held responsible for harm caused by it, whose current insurance policies likely don’t cover AI-related issues, could benefit from PONTAAI, according to Relm.

This product covers AI liability arising from professional negligence, IP infringement, personal injury, discrimination, privacy breach, bodily injury, property damage and violation of AI regulations.

RESCAAI could be better suited for organisations that use third party AI for business operations or those that embed third-party AI solutions within their own products.

It covers business interruption, reputational harm, product recall expenses and incident response costs.

Claire Davey, Head of Product Innovation & Emerging Risk at Relm, said, “We’re aware that AI risks are not homogenous — how organizations use AI technology plays a significant role in shaping the risk vectors. This is why we released a suite of three products, each specifically designed to respond to the different use cases of AI technologies.”

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