Terms
Content Creation Liability
Content Creation Liability refers to the legal responsibilities and potential risks incurred by individuals or entities that produce and disseminate content, such as text, images, videos, or other multimedia. This...
Technology Transfer Agreement
A Technology Transfer Agreement, in the context of commercial insurance and intellectual property management, is a legally binding contract that governs the transfer of tangible and intangible technology between two...
Supplemental Payments
Supplemental Payments in the context of insurance, may refer to additional costs that are covered by an insurer over and above the basic policy limits. These payments are part of...
Unintentional Breach of Contract
Unintentional Breach of Contract refers to a situation where a party fails to fulfill their obligations under a contract, not due to deliberate neglect or intent to ignore the contractual...
Software-as-a-Service (SaaS) Liability
Software-as-a-Service (SaaS) Liability may refer to the legal and financial responsibilities borne by providers of software-as-a-service platforms. In the context of commercial insurance, the definition encompasses the risks associated with...
Smart Contract Liability
Smart Contract Liability refers to the legal responsibilities and potential risks associated with the execution and operation of smart contracts. A smart contract is a self-executing contract with the terms...
Indemnification Clause
Indemnification Clause refers to a contractual provision in which one party agrees to compensate the other for any harm, liability, or loss arising out of the contract. The primary purpose...
Consent to Settle Clause
Consent to Settle Clause refers to a provision commonly found in liability insurance policies that requires the insurance provider to obtain the insured party's consent before settling any claims. The...
Technology Product Recall
Technology Product Recall refers to a specific type of insurance coverage and risk management process involving the retrieval of defective or potentially harmful technology products from the market. This term's...
Algorithm Liability
Algorithm Liability refers to the accountability and legal responsibilities associated with the outcomes or actions driven by algorithms. This form of liability becomes particularly relevant as organizations increasingly rely on...
Data Storage Liability
Data Storage Liability may refer to the responsibility and potential legal obligations that organizations face when managing and safeguarding data stored electronically. This aspect of liability concerns the risks associated...
System Downtime Coverage
System Downtime Coverage is a specific type of insurance coverage designed to protect businesses against financial losses that occur due to the unexpected unavailability or malfunctioning of critical IT systems...
Breach of Duty of Care
Breach of Duty of Care refers to a situation where an individual or entity fails to act with the level of care that someone of ordinary prudence would have exercised...
Independent Contractor Coverage
Independent Contractor Coverage is a specific type of insurance policy designed to protect individuals who work as independent contractors rather than as employees of a company. The definition of Independent...
Confidentiality Agreement Violation
Confidentiality Agreement Violation refers to the breach of a legally binding contract in which one party agrees to keep certain shared information private and not disclose it to unauthorized parties....
Carrier Underwriting
Carrier underwriting is a crucial process in the insurance industry, primarily involving the evaluation of risks associated with insuring individuals, organizations, or assets. The definition of carrier underwriting may refer...
Claims-Made Policy
Claims-Made Policy definition may refer to a type of liability insurance policy that provides coverage for claims reported to the insurance company during the effective policy period, regardless of when...
Risk Retention Group
Risk Retention Group may refer to a state-chartered insurance company that allows members who engage in similar or related business activities to retain and manage risks by pooling their resources....
Technology Consultant Errors
Technology Consultant Errors may refer to mistakes or oversights made by professionals who provide expert advice and service in the field of technology. This definition encompasses a range of potential...
Loss Mitigation Coverage
Loss Mitigation Coverage is an important component of the insurance industry, specifically within the realm of property and casualty insurance. This type of coverage plays a critical role in reducing...
Loss Run Report
Loss Run Report may refer to a critical document in the insurance industry, essential for assessing the history of claims made on an insurance policy. This report provides a detailed...
Defamation and Libel
Defamation and Libel refer to specific legal claims that arise when one party communicates false information about another, damaging their reputation. The terms are often used interchangeably, but they have...
Source Code Escrow
Source Code Escrow is a service primarily used in the realm of software development and licensing. This arrangement involves the deposit of the source code of software with a third-party...
Intellectual Property Infringement
Intellectual Property Infringement refers to the violation or unauthorized use of an individual's or organization's intellectual property rights. Intellectual property (IP) encompasses creations of the mind, such as inventions; literary...
Professional Misconduct
Professional Misconduct refers to inappropriate or unethical behavior by a professional in their conduct of their duties or in their business operations. The definition of professional misconduct can vary by...
Prior Acts Coverage
Prior Acts Coverage, in the realm of insurance, holds a critical definition that serves to protect an insured party against claims made for incidents that occurred before the policy's effective...
Residual Business Risk
Residual Business Risk refers to the exposure to uncertainty that remains after all known risks have been accounted for, mitigated, or hedged. This type of risk is inherent in the...
Performance Warranty
Performance Warranty is a promise or guarantee made by an insured party to an insurer, stating that certain conditions, actions, or protocols will be adhered to. These warranties are often...
Service Level Agreement (SLA)
Service Level Agreement (SLA) is a formal document that defines the level of service expected from a service provider. The definition of an SLA typically includes specific metrics by which...
Breach of Confidential Information
Breach of Confidential Information refers to the unauthorized access, disclosure, or use of sensitive, protected, or confidential data. This breach violates privacy policies, confidentiality agreements, or data protection laws designed...
Data Privacy Liability
Data Privacy Liability, in the context of commercial insurance, refers to the legal obligations and potential liabilities that organizations face regarding the handling of personal information. The definition of Data...
Intellectual Property Misuse
Intellectual Property Misuse refers to the improper or unauthorized use of intellectual property rights. This includes any infringement, misappropriation, or violation of the exclusive rights attached to protected works. Intellectual...
Cloud Computing Liability
Cloud Computing Liability may refer to the legal responsibilities and potential risks that companies face when they provide or use cloud computing services. This term encompasses the obligations related to...
Failure to Perform
Failure to Perform refers to a situation in which a party fails to fulfill their obligations as outlined in a contract. This term is most commonly used in the context...
Software Failure
Software Failure refers to the malfunction or underperformance of a software program or system, which fails to execute its intended functions or produces incorrect results. This type of failure can...
Consulting Services Liability
Consulting Services Liability refers to the legal obligations and potential risks faced by consultants due to the advice and services they provide to clients. The definition of Consulting Services Liability...
Breach of Warranty
Breach of Warranty in the context of insurance, is a specific term critical to understanding the dynamics of insurance policies and their enforceability. The definition of a Breach of Warranty...
Misrepresentation of Services
Misrepresentation of Services refers to the act of falsely presenting or describing the services provided by a business or individual. This type of misrepresentation can occur in various industries and...
Breach Notification Requirements
Breach Notification Requirements refer to the legal obligations imposed on organizations to notify affected individuals and, in some cases, regulatory bodies, when a security breach involving personal information occurs. The...
Professional Negligence
Professional Negligence, in its essence, refers to the failure of a professional individual to perform their duties to the standard required by their profession, resulting in harm or loss to...
Regulatory Compliance Liability
Regulatory Compliance Liability refers to the legal obligations and potential legal consequences faced by businesses and organizations when they fail to adhere to laws, regulations, and standards applicable to their...
Third-Party Service Provider Coverage
Third-Party Service Provider Coverage may refer to a specific type of insurance policy or an endorsement within a larger insurance framework designed to protect businesses against losses stemming from failures...
Content Liability
Content Liability refers to the legal responsibility borne by entities such as publishers, broadcasters, and internet service providers for the content they disseminate. This liability may concern any content that...
Software Development Errors
Software Development Errors may refer to mistakes or oversights made during the process of creating and maintaining software applications. These errors can arise from various stages of software development including...
Legal Defense Costs
Legal Defense Costs may refer to the expenses incurred in defending against legal actions brought against an individual or entity. The definition encompasses a variety of costs associated with legal...
Technology Risk Management
Technology Risk Management refers to the processes and methods employed by organizations to manage risks associated with the use and adoption of information technology (IT). The definition of Technology Risk...
Digital Asset Protection
Digital Asset Protection refers to the strategies and solutions implemented to safeguard digital assets against unauthorized access, theft, or damage. Digital assets include data such as documents, intellectual property, multimedia...
Service Deficiency
Service Deficiency refers to a situation where the level or quality of service provided falls below the accepted or expected standards. This term is commonly used in various industries, including...
End-User License Agreement (EULA)
An End-User License Agreement (EULA) is a legal contract between the software developer or publisher and the software user. It is a type of license that outlines the user's rights...
Network Security Liability
Network Security Liability refers to a specific aspect of cyber insurance that addresses the risks associated with the failure to protect sensitive data stored online or within a computer network...
Subrogation Waiver
Subrogation Waiver is a term frequently encountered in insurance contracts, particularly in the realms of property and casualty insurance. The definition of subrogation waiver revolves around the relinquishment by an...
Policy Endorsement
Policy Endorsement refers to an amendment or addition to an existing insurance contract which changes the terms or scope of the original policy. An endorsement may add, remove, or alter...
Technology Contractual Liability
Technology Contractual Liability refers to a specific aspect of liability insurance tailored to address the risks associated with the breach of contracts in the technology sector. This type of liability...
Cloud Service Provider Risk
Cloud Service Provider Risk refers to the potential threats and vulnerabilities associated with using cloud service providers (CSPs) for storing, managing, and processing data. These risks may include data breaches,...
Technology Services E&O
Technology Services E&O is a specialized form of professional liability insurance designed to address the unique risks associated with technology service providers. The term E&O stands for "Errors and Omissions."...
Deductible Options
Deductible Options refer to the choices available to an insurance policyholder regarding the amount of money they agree to pay out of pocket before the insurance company starts to cover...