Chaucer Group, a specialist insurance company and reinsurance company and specialist managing agent Urmira AI, part of China Re Group, on Tuesday announced the launch of Vanguard AI, designed to address cyber, technology and AI-related debt.
Vanguard AI combines Chaucer’s leading cyber and technology errors and omissions coverage with Armilla’s standalone AI liability insurance. This product provides a dedicated AI aggregation limit of over $25 million and a cyber limit of $10 million per organization.
Chaucer’s Cyber and Technology Errors and Omissions Coverage is a leading policy for breach cyber losses, business interruption, ransomware events, system outages, and professional services liability.
AI-specific liability will be covered by a standalone insurance policy written by Lloyd’s of London-backed Armira for “losses resulting from AI model behavior in the absence of a cyber event (e.g., erroneous outputs, degraded model performance, AI agent behavior, etc.),” the news release said.
Responses to complaints will be assigned based on pre-defined guidelines, covering exposures due to cyber events, technical failures and AI system operations, according to the release.
