Glossary

Electronic commerce means the conducting of financial transactions or business transactions, including the buying, selling, and advertising products or services, over the Internet.

The Electronic Communications Privacy Act (ECPA) of 1986 prohibits wire or electronic service providers from releasing information regarding customers' communications, unless the release is specifically authorized by a court order, subpoena, warrant, or other exception. Improperly releasing such information can result in the provider being ordered to pay penalties. However, ECPA provides a safe harbor for service providers that improperly release information in good faith reliance on a court order, subpoena, or warrant.

An electronic contract is a contract that is formed electronically, such as over the Internet or by email.

Electronic data liability is the exposure faced by individuals and organizations that may cause loss of, damage to, or inability to access or use electronically stored data. The exposure is the subject of an exclusion in standard general liability policies and may be insured separately under a claims-made policy that covers "electronic data incidents" resulting in damage to, loss of, loss of use of, corruption of, inability to access, or inability to properly manipulate electronic data.

Electronic funds transfer (EFT) system coverage is a financial institution crime coverage that relates to the erroneous transferring of funds to or from the checking or savings account of a customer based upon instructions fraudulently transmitted by a nonemployee. The fraudulent transfer instructions rider used with the Surety & Fidelity Association of America (SFAA) financial institution bond for banks provides coverage for loss due to the bank having transferred money in reliance on fraudulent instructions transmitted via telephone, fax, or email.

Electronic insurance verification is the automated process of confirming insurance coverage, eligibility, and related policy information. This is done through electronic data exchanges between an insurer, provider, government agency, or other authorized party. It is commonly used to verify that a policy is active, identify applicable coverage limits or requirements, confirm effective dates, and detect lapses or discrepancies before a claim, service, registration, or other transaction is completed. Sometimes accomplished in real time through online portals, system integrations, or standardized electronic transactions, this process can help reduce manual review, prevent errors, and improve compliance with insurance or regulatory requirements.

Electronic Products Errors and Omissions Insurance is a policy designed to cover claims in which the malfunctioning or nonfunctioning of electronic products causes financial loss rather than bodily injury (BI) or property damage (PD). Assume an accounting software program contains a "bug" that causes a company using the software to understate its receivables by $500,000 during a fiscal year. An electronic products errors and omissions policy would cover the software manufacturer's liability for losses sustained by the customer under these circumstances. Such policies are needed because commercial general liability (CGL) insurance is limited to covering bodily injury and property damage liability, rather than liability for financial loss.

An electronic records is a contract or record created, generated, sent, communicated, received, or stored by electronic means.

An electronic signature is an electronic sound, symbol, or process attached to or logically associated with a contract or record and executed or adopted by a person with the intent to sign the record.

Elevator insurance is Insurance on elevators and their operations, written to cover the perils of collision and liability.