Today, AI Agents are being touted as the solution for many functions, actions, and issues, including:
- IT and Security Operations
- Claim Processing
- Billing Submissions
- Payroll Processing
- Shipment Tracking
- Refund Decisions
- Fraud Prevention
- Other SAAS Solutions
- Other PAAS Solutions
Companies with newly created AI solutions promise lower costs and higher quality, but these guarantees aren’t necessarily backed by anything substantial. It’s worth exploring how a Contractual Liability Insurance Policy (“CLIP”) can support a service guarantee and add credibility to the promise.
There are many important elements to consider when using a CLIP to offer an underwritten guarantee, including:
- Policy Type
- Full Reimbursement
- Failure to Perform
- Excess Coverage
- Policy Structural Elements
- Deductibles
- Self-Insured Retention
- Limits of Liability
- Attachment Points
- Named Insured
- Required Program Build Elements
- Compliance Review for Using a CLIP
- Pricing Models for the CLIP
- Underwriting Profit Participation Options
- Admitted or Excess/Surplus Policies
- Management for Claims Administration
- Compliance and Licensing Considerations
Building the right program involves complex decisions that require deep experience to understand the options and avoid pitfalls.
Contact Meramec Secure®, Inc. to explore the right solution for your business. Meramec Secure® supports companies seeking to offer an insurance-backed guarantee and commercial entities seeking to determine whether their partner’s guarantees are sufficient to protect the commercial entity’s interests.
About Meramec Secure®
Meramec Secure® is a nationwide designer and producer of specialty insurance and service contract solutions, assisting companies in sourcing or building new Specialty Insurance, Service Contract, Software as a Service (“SAAS”), Platform as a Service (“PAAS”), Guarantee, and Warranty products, programs, and partnerships.
Meramec Secure’s extensive relationships with providers, administrators, subject-matter experts, and insurance carriers allow Meramec Secure® to deliver custom solutions with complete transparency and innovation.
Contact Meramec Secure®
Mike Frosch, President
Meramec Secure®, Inc.
Web: meramecsecure.com
Email: mike@meramecsecure.com
