Insurance Information

This page describes the minimum insurance that the Company carries, and we encourage all Partners, Facilitators, Developers, and other related entities to consider carrying similar coverage. This page incorporates definitions from our Definitions page.

1. Minimum Coverage Limits. The Company will maintain, at its sole cost and expense, the minimum valid, effective and collectible insurance of the following types and minimum coverage amounts:
   1. Professional Liability – $3,000,000 Aggregate limit of liability, comprising coverage for:
      1. Product and Services Liability: $3,000,000
      2. Breach of Contract: $3,000,000
      3. Subcontractor Vicarious Liability: $3,000,000
      4. Intellectual Property Rights Infringement and Defamation: $3,000,000
      5. Regulatory Costs and Fines: $3,000,000
      6. Dishonesty of Employees: $3,000,000
      7. Payment of Withheld Fees: $3,000,000
   2. Network Security & Privacy Liability – $3,000,000 Aggregate limit of liability, comprising coverage for:
      1. Network Security Liability: $3,000,000
      2. Privacy Liability: $3,000,000
      3. Management Liability: $3,000,000
      4. Regulatory Investigation Costs: $3,000,000
      5. PCI Fines, Penalties and Assessments: $3,000,000
   3. Cyber Incident Response – $3,000,000 Aggregate Limit of Liability
      1. Incident Response Costs: $3,000,000
      2. Legal and Regulatory Costs: $3,000,000
      3. IT Security and Forensic Costs: $3,000,000
      4. Crisis Communication Costs: $3,000,000
      5. Privacy Breach Management Costs: $3,000,000
      6. Third-Party Privacy Breach Management Costs: $3,000,000
      7. Post Breach Remediation Costs: $50,000
2. General Business Liability – $2,000,000 General Aggregate Limit
3. Umbrella Policies. Where applicable, Umbrella or Excess liability insurance policies may be used to provide the limits required under this Agreement.
4. Insurance Requirements. All insurance policies are issued by companies licensed in the appropriate state who hold a current Policy Holder Alphabetic Category Rating of not less than “A-” and Financial Size Category Rating of not less than “VII” according to the latest edition of A.M. Best’s Key Rating Guide. The insurance may be provided on the basis of primary and umbrella/excess coverage as long as the primary coverage is a minimum of $3 million and the umbrella/excess coverage is at least as broad as the coverage under the primary policy, including the coverage for all additional insureds.

Version: 23.05a

Revision History:

2023-MAY-26 – Updated to reflect increased policy limits.

2022-JUN-16 – Updated to include a reference to the definitions page