Your app gave the answer. The user moved the money.Founded by a software developer who runs an AI app.
We insure apps whose AI gives budgeting, investing, tax or credit answers with technology E&O worded for a wrong answer that costs a user or a lender money, plus the cyber, crime and D&O that sit around it. Apps that move money through partner banks have their own page.
Tell us the situation.
One licensed human replies the same business day — not five agents, not an auto-responder. If the policy you have is already the right one, we will tell you.
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The person placing your tech E&O runs an app with an AI coach of his own.
Kevin Kelsey
Founder | Principal Agent
Boring’s founder, Kevin Kelsey, owns and runs TrainRec, a fitness app with a built-in AI coach, and has placed insurance for AI apps. Insuring his own taught him how an underwriter reads a model. Personal guidance from an AI reads more like the work of a professional than like software, technology E&O forms commonly exclude bodily injury, and not every form will add it back. So whether your app answers money, health, hiring or farming questions, the gap between what it says and what the policy covers gets read by someone who has had to close it for his own product.
Send us what you have. We’ll tell you if it’s right.
Your current policy paperwork, a renewal notice, or nothing at all. A licensed agent reads it and replies the same business day.
What finance app businesses actually need.
Technology E&O worded for financial answers
Claims that your app gave a wrong calculation, recommendation or credit decision and a user, or a lender using your software, lost money acting on it.
Without it — Some forms define covered services narrowly or exclude investment, tax or financial advice, which is exactly where this claim lands. Read the definition of covered services before you read the exclusions.
Professional liability
Covers the advice, the drawing, the diagnosis. The work itself, rather than someone getting hurt on your premises.
Without it — A professional form is written for advice itself. If the app recommends securities or prepares returns, an underwriter may ask for it beside tech E&O, because personal guidance reads more like a professional than like software.
Cyber & tech E&O
Breach response, ransomware and the notification costs that follow. Technology errors and omissions sits on the same policy and covers the software or service itself failing a client, which is the half most tech companies find out about too late.
Without it — Bank links, tax documents, income and account numbers make a finance app a rich breach target, and a chat log that holds them is one too. Response costs and privacy lawsuits are what cyber pays.
Directors & officers
Protects the personal assets of the people running the company when they are sued over a management decision. It applies to private companies and nonprofit boards, not just public ones, which is a common and expensive misunderstanding.
Without it — An SEC or CFPB inquiry into what you told the public about your AI is a claim against the company and its leaders. Check whether the policy pays to respond to a regulator, not only to a lawsuit.
Crime & employee dishonesty
Theft by your own staff, funds transfer fraud, and the dishonesty bond a home care contract will ask you for by name.
Without it — If the app holds credentials, signs for users or can start a transfer, theft by an insider or a fraudster who tricks your staff is a crime claim, and tech E&O will not answer it.
What the regulators actually wrote down.
The SEC staff’s February 2017 guidance on robo-advisers notes they are typically registered investment advisers, and suggests they tell clients that an algorithm manages the account, describe its assumptions and limitations, and describe the particular risks of using an algorithm.
U.S. Securities and Exchange Commission, Division of Investment Management, IM Guidance Update No. 2017-02, Robo-Advisers (February 2017) · checked 2026-11-01
The same SEC staff guidance names three areas for a robo-adviser to get right under the Investment Advisers Act of 1940, which are the substance and presentation of its disclosures, the information it collects from clients to support suitable advice, and a compliance program designed for automated advice.
U.S. Securities and Exchange Commission, IM Guidance Update No. 2017-02, Robo-Advisers (February 2017) · checked 2026-11-01
On March 18, 2024 the SEC announced settled charges against two investment advisers for false and misleading statements about their use of artificial intelligence, with combined civil penalties of 400,000 dollars (225,000 dollars for Delphia and 175,000 dollars for Global Predictions), and both firms neither admitted nor denied the findings.
U.S. Securities and Exchange Commission, press release 2024-36 (March 18, 2024) · checked 2026-11-01
The SEC said Delphia made false and misleading claims from 2019 to 2023 about using artificial intelligence and machine learning with client data in its investment process, and that Global Predictions described itself as the “first regulated AI financial advisor” and also falsely claimed to offer tax-loss harvesting.
U.S. Securities and Exchange Commission, press release 2024-36 (March 18, 2024) · checked 2026-11-01
In the Global Predictions matter the SEC also charged an impermissible liability hedge clause in the firm’s advisory contract, so a contract term cannot be relied on to waive an adviser’s legal duties.
U.S. Securities and Exchange Commission, press release 2024-36 (March 18, 2024) · checked 2026-11-01
Regulation B, which implements the Equal Credit Opportunity Act, requires the statement of reasons for a denial or other adverse action on credit to be specific and to indicate the principal reasons, and requires the creditor to notify an applicant of the action within 30 days after receiving a completed application.
Consumer Financial Protection Bureau, Regulation B, 12 CFR 1002.9(a)(1) and (b)(2) · checked 2026-11-01
CFPB Circular 2022-03, published May 26, 2022, said a creditor that uses a complex or “black box” algorithm must still give an applicant the specific principal reasons for an adverse action, and that the rules apply equally to all credit decisions regardless of the technology used.
Consumer Financial Protection Bureau, Consumer Financial Protection Circular 2022-03 (May 26, 2022) · checked 2026-11-01
The CFPB’s page for its companion Circular 2023-03 (September 19, 2023) is now labeled archived content, so the circulars alone are not a safe thing to build a compliance program on, while the Regulation B text above is the rule itself.
Consumer Financial Protection Bureau, Circular 2023-03 page (archived content label, page last modified April 11, 2025) · checked 2026-11-01
The CFPB’s June 6, 2023 issue spotlight on chatbots in consumer finance warns that generative chatbots can repeat inaccurate information, that rigid scripts can miss that a customer is disputing something, that customers can be trapped in loops with no route to a human, and that chat logs holding personal information become a privacy target.
Consumer Financial Protection Bureau, Chatbots in consumer finance (issue spotlight, June 6, 2023) · checked 2026-11-01
The claims we actually see.
Ordered by how often we see them, not by how dramatic they are. Each one names the coverage that answers it — and the policy people wrongly assume already does.
Most common
A user acts on a wrong AI answer and loses money
Covered by Technology E&O worded for financial answers
The claim is financial, which is what tech E&O is for, but a form that excludes investment or tax advice, or defines covered services as software only, can decline it. A disclaimer helps the defense and does not stop the suit.
Common
A lender or user says your credit decision was wrong or came with no real reasons
Covered by Technology E&O, plus your contract’s indemnity
The lender, not you, owes the applicant the specific reasons for a denial, so the claim reaches you as a contract demand. Tech E&O often does not pay liability you assumed by contract beyond what the law would have made you owe.
Less common, severe
A regulator asks whether your AI claims were true
Covered by Directors and officers coverage, if it pays for regulatory response
Fines and penalties are commonly excluded, and many small-company policies pay only for lawsuits. The cost of answering the letter is what you want to find in the wording.
Common
Tax answers are wrong and a user owes penalties and interest
Covered by Technology E&O, or a professional form for a preparer-like app
An app that prepares or files returns for a person is read as a preparer by an underwriter, and the software policy may not have been priced for that.
Less common, severe
Stolen credentials or a fraudster drain a user’s linked account
Covered by Cyber, with crime for funds you control
Cyber pays for data and response, not for money taken from an account you did not hold. Who held the money decides which policy answers, and that is the line the fintech page covers.
What our finance app clients ask us.
What will the underwriter ask a finance app?
What the AI decides and what it only suggests, and whether a person reviews anything before money or a filing moves. Which model or vendor you use and whether you log every answer. Your disclaimers, user count, revenue and states. Whether you advise on securities, prepare returns or make credit decisions, which licenses you hold, your contracts with lenders or banks, and any prior claims.
Which NAICS codes does this page cover?
Software and hosting codes are 513210 Software Publishers, 541511 Custom Computer Programming Services and 518210 Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services. Finance codes include 523940 Portfolio Management and Investment Advice, 522291 Consumer Lending, 522310 Mortgage and Nonmortgage Loan Brokers, 541213 Tax Preparation Services, 541219 Other Accounting Services and 541214 Payroll Services.
How is this different from the fintech insurance page?
The fintech page is about moving money, holding client funds and partner banks. This page is about an app whose AI gives financial answers or makes credit decisions, so the loss is a wrong answer and the regulators are the SEC and the CFPB. If your app does both, you need both pages, and the policies are built differently.
Should an AI finance app carry tech E&O or a professional liability form?
Often both questions come up. Tech E&O is written for software that fails. An app that gives personal guidance reads to underwriters more like a professional than like software, and in our placements of AI apps that is how they have framed it. Describe what the AI actually decides, then ask each policy whether investment, tax or credit advice is inside the definition of covered services.
Does an AI investing app have to register as an investment adviser?
That is a securities-law question for a lawyer, and we do not answer it. What the SEC staff has said is that robo-advisers are typically registered investment advisers and that they should disclose their algorithm, its assumptions and its risks. If you manage money or recommend securities for a fee, expect the registered-adviser rules to be asked about on the insurance application.
We say our app uses AI. Can the SEC care about that?
Yes, if the statement is untrue. In March 2024 the SEC settled charges against two investment advisers over false AI claims, one that said it used machine learning on client data and one that called itself the first regulated AI financial advisor. Penalties were 225,000 dollars and 175,000 dollars. Keep marketing claims about your AI provable.
Our terms say this is not financial advice. Is that enough?
It helps the defense and does not decide the claim. A disclaimer does not stop a suit, and for a registered adviser a contract term cannot waive legal duties, as the SEC showed when it charged an impermissible hedge clause in an AI adviser’s contract. Keep the disclaimer, make the product behave in line with it, and keep the insurance too.
Who owes the applicant the reasons when our AI denies credit?
The creditor, under Regulation B, which requires the reasons to be specific and to name the principal ones, within 30 days of a completed application. The CFPB said in 2022 that a complex model is no excuse. If you sell the model to a lender, your contract and your tech E&O decide who pays when the reasons cannot be produced.
What does the CFPB say about chatbots in finance?
In June 2023 the CFPB warned that financial chatbots can repeat wrong information, miss that a customer is disputing something, trap people in loops with no human, and hold chat logs that attract breaches. It also said they can expose companies to liability under consumer finance laws. If your assistant talks to consumers about money, expect questions on all four.
Does the policy cover wrong AI output, or exclude it?
It depends on the wording, and some 2026 forms add AI exclusions or limits. Ask whether generative AI output is inside covered services, whether a model update changes that, and whether the general liability policy carries an AI exclusion. A wrong answer from your own model is your product failing, so you want it covered in plain words.
Our tax feature answers questions about a user’s own return. What changes?
Everything about how it is read. Underwriters we have worked with on AI apps read personal guidance more like a professional than like software, and a personal tax answer is that shape of problem. Tell the insurer whether the app prepares or files a return, or only explains rules. The two can sit on different policies.
How does a finance app differ from a fitness or health app?
Same engine, different harm. A fitness app hurts a body and needs contingent bodily injury, meaning an injury someone says came from relying on your output. A finance app costs money, which tech E&O is built for if the wording allows it. If the app also gives wellness or physical advice, read the flagship fitness page too.
Can contingent bodily injury ever matter to a finance app?
Rarely, since the harm is financial. It matters if the app also gives health, safety or wellness guidance, which some budgeting and benefits apps do. The guide explains the grant, and why tech E&O forms commonly exclude bodily injury unless it is added.
Our app was built with an AI coding tool. Does that matter?
It changes the odds and the questions, not who answers a claim. A finance app holds bank links and tax documents, so an underwriter will ask whether anyone with security experience reviewed the code before real users arrived. Your customer sues you, not the tool that wrote it.
We have users outside the US. Does the insurance follow?
Not automatically. Many tech E&O policies only promise to defend claims brought in the US or Canada, and foreign financial regulators and privacy laws are a separate question from the SEC and CFPB. Tell the insurer where your users are before launch.
Where do the other AI app industries sit?
Each industry has its own way of going wrong, and its own policy fight. Health, insurance, legal and hiring apps are each covered on their own page, and the hub lists them all. Start there if your app straddles two.
Guides on finance app.
- Insurance for an App Launching WorldwideAn app store launch puts your app in front of users in dozens of countries on the first day. Your tech E&O may only defend claims filed in the US or Canada, and your cyber policy has to handle European privacy rules, where health and fitness readings are a special category of data.
- Vibe-Coded App InsuranceA vibe-coded app carries the same liability as any other, and the documented failures are security ones: open databases, exposed keys and an agent that deleted data. Here is which policy answers which failure, what the AI tool providers say about who is responsible, and what to check before you buy.
Commercial insurance is 96% of what we do — it is not a department here, it is the whole business. Not ready to talk? The guides answer the questions this page raises in more depth. Already insured with us and need a certificate or a policy change? Ask the service team rather than starting a quote — it is faster and it goes to the people whose job it is. We also write home and auto, which is usually cheaper alongside the business policy than apart from it.
Handed a lease, a vendor packet or a client contract with insurance requirements? Paste it into the COI Requirements Decoder to see what each one means for your business, or read what the requirements mean.