1. Introduction

This Insurance Policy ("Policy") provides coverage for the operations, activities, and liabilities associated with the services provided by SwipeVault, a licensed escrow company. This coverage is intended to safeguard the company, its clients, and stakeholders from various risks and losses arising out of its business activities.

2. Scope of Coverage

This policy encompasses the following types of insurance coverage:

a. General Liability Insurance

This insurance protects SwipeVault against claims of bodily injury, property damage, or personal injury arising from its operations. Coverage includes:

• Third-party bodily injury or property damage occurring on SwipeVault's premises.
• Claims resulting from accidents or negligence in the execution of escrow services.

Coverage Limits:

• Bodily Injury: $[Insert Amount] per occurrence
• Property Damage: $[Insert Amount] per occurrence
• Personal Injury: $[Insert Amount] per occurrence

b. Professional Liability Insurance (Errors and Omissions)

Professional liability insurance covers SwipeVault against claims of negligence, errors, or omissions in the performance of escrow services, including:

• Mistakes in handling funds or documents.
• Failure to act in accordance with contractual obligations.
• Miscommunication or failure to deliver services as promised.

Coverage Limits:

• $[Insert Amount] per claim
• $[Insert Aggregate Limit] annual aggregate

c. Cyber Liability Insurance

Cyber liability insurance covers SwipeVault against risks associated with data breaches, hacking, and other cyber incidents. Coverage includes:

• Data breaches involving client financial information.
• Cyberattacks or ransomware incidents.
• Costs related to notification, legal fees, and credit monitoring services for affected clients.

Coverage Limits:

• $[Insert Amount] per incident
• $[Insert Aggregate Limit] annual aggregate

d. Crime Insurance

Crime insurance protects against financial losses caused by criminal activities such as fraud, theft, and employee dishonesty. Coverage includes:

• Loss of client funds due to employee theft or fraud.
• Forged documents and wire fraud.
• Cyber fraud related to escrow transactions.

Coverage Limits:

• $[Insert Amount] per incident
• $[Insert Aggregate Limit] annual aggregate

e. Directors & Officers (D&O) Liability Insurance

D&O insurance covers the personal liability of SwipeVault’s board of directors and officers in the event of a lawsuit related to their decisions in running the company. This may include:

• Allegations of mismanagement.
• Breach of fiduciary duty.
• Violation of corporate governance laws or regulations.

Coverage Limits:

• $[Insert Amount] per claim
• $[Insert Aggregate Limit] annual aggregate

3. Exclusions

This policy does not cover the following:

• Losses due to intentional fraud, misconduct, or criminal activity by the insured party.
• Losses from natural disasters, including earthquakes, floods, and hurricanes, unless specifically added by endorsement.
• Claims arising out of activities that are outside the scope of normal escrow business operations.

4. Policyholder Obligations

SwipeVault is required to:

• Maintain proper records of all transactions and business operations related to escrow services.
• Promptly notify the insurer of any incidents that may lead to a claim under this policy.
• Cooperate with the insurer in the investigation and defense of claims.
• Take reasonable steps to prevent cyberattacks, data breaches, or any criminal activity.

5. Claims Reporting

To report a claim, the policyholder must notify the insurance company within 30 days of the incident or loss. The following information should be provided:

• Description of the incident or loss.
• Date and time of occurrence.
• Affected parties and their contact information.
• Any actions taken to mitigate or prevent further loss.

6. Premium and Payment Terms

The premium for this insurance policy is $[Insert Amount] annually, payable on [Insert Due Date]. Payment must be made by check or wire transfer to the insurer's account.

Failure to pay the premium within 30 days of the due date may result in cancellation of coverage.

7. Policy Renewal

This policy will automatically renew each year unless the insurer or the policyholder provides written notice of non-renewal at least 30 days prior to the expiration date.

8. Dispute Resolution

Any disputes arising under this insurance policy shall be resolved through mediation, followed by binding arbitration, in accordance with the laws of the state of [Insert State].

9. Additional Endorsements

• Add-On Coverage for Escrow Fraud: This endorsement provides additional coverage for fraudulent activities that directly affect the escrow process.
• Reputation Protection: This endorsement provides coverage for the costs related to defending SwipeVault’s reputation in the event of false claims or defamatory actions.

10. Signatures

By signing below, both parties agree to the terms and conditions set forth in this Insurance Policy.

Policyholder: SwipeVault Escrow Services