Nasdaq Vendor Insurance Requirements

Last Updated: January 3, 2024

COUNTRY	INSURANCE TYPE	REQUIREMENT
Armenia	Motor Third Party Liability	AMD 1.8mn per accident, AMD 3.3mn per person, AMD 10mn aggregate
Belarus	Workers’ Comp Policy Limits	State Scheme (compensation is linked to individual’s wage which is very low)
	Employers’ Policy Limits	NA
	General Liability Policy Limits	USD 1,000,000
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	NA
	Professional E&O Policy Limits	BYN 69,000 (UDS 34,196)
Denmark	Workers’ Comp Policy Limits	According to Danish law
	Employers’ Policy Limits	Can be Included in GL
	General Liability Policy Limits	DKK 10mn (USD 1.38mn)
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	Individual and various
	Professional E&O Policy Limits	Included in GL
Estonia	Workers’ Comp Policy Limits	According to Estonia’s Social Security System
	Employers’ Policy Limits	Can be extended under GL coverage or purchased Separately EUR 150,000
	General Liability Policy Limits	EUR 1mn
	Umbrella Liability Policy Limits	No information as no demand in the local market
	Crime/Employee Dishonesty Policy Limits	No information as no demand in the local market
	Professional E&O Policy Limits	No information as no demand in the local market (recommend to use GL limit where applicable)
Finland	Workers’ Comp Policy Limits	State scheme
	Employers’ Policy Limits	State scheme
	General Liability Policy Limits	EUR 2,000,000 Per event, EUR 4mn Agg
	Umbrella Liability Policy Limits	Not available in the insurance market.
	Crime/Employee Dishonesty Policy Limits	USD 100,000
	Professional E&O Policy Limits	EUR 50,000
France	Workers’ Comp Policy Limits	State scheme
	Employers’ Policy Limits	An extension to the GL
	General Liability Policy Limits	EUR 5 million
	Umbrella Liability Policy Limits	Layered capacity is available
	Crime/Employee Dishonesty Policy Limits	NA
	Professional E&O Policy Limits	EUR 1.5 million per claim, EUR 2 million aggregate
Germany	Workers’ Comp Policy Limits	Social Security System
	Employers’ Policy Limits	NA (State Scheme)
	General Liability Policy Limits	EUR 5 million
	Umbrella Liability Policy Limits	N/A
	Crime/Employee Dishonesty Policy Limits	NA
	Professional E&O Policy Limits	EUR 1.25mn per event, EUR 1.88mn aggregate
Iceland	Workers’ Comp Policy Limits	Social Security System
	Employers’ Policy Limits	Part of General Liability coverage
	General Liability Policy Limits	ISK 250mn (USD 2.45mn)
	Umbrella Liability Policy Limits	Excess carriers and limits are available
	Crime/Employee Dishonesty Policy Limits	Only available for financial institutions
	Professional E&O Policy Limits	EUR 1.25mn per event, EUR 1.88mn aggregate
Ireland	Workers’ Comp Policy Limits	The state scheme pays EUR 193 (USD 210) per week for 26 weeks, with a seven day waiting period.
	Employers’ Policy Limits	EUR 13 mn (USD 14.13mn)
	General Liability Policy Limits	EUR 6.5mn (USD 7mn)
	Umbrella Liability Policy Limits	Higher limits are available
	Crime/Employee Dishonesty Policy Limits	EUR 50,000 on a first loss basis
	Professional E&O Policy Limits	EUR 1,250,618 (USD 1.36mn) per claim
Latvia	Workers’ Comp Policy Limits	Covered by State welfare system
	Employers’ Policy Limits	Endorsed to GL policy for a sublimit-EUR 140,000
	General Liability Policy Limits	EUR 10,000 to EUR 1mn
	Umbrella Liability Policy Limits	No information, as this cover is not seen often
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	Professional indemnity insurance limits are usually low. Compulsory coverage for a range of professions.
Lithuania	Workers’ Comp Policy Limits	State social insurance-SoDra
	Employers’ Policy Limits	EUR 50,000 to EUR 300,000
	General Liability Policy Limits	EUR 300,000 to EUR 1mn
	Umbrella Liability Policy Limits	Not a feature of the Lithuanian market
	Crime/Employee Dishonesty Policy Limits	Not a feature of the Lithuanian market
	Professional E&O Policy Limits	EUR 28,986
Netherlands	Workers’ Comp Policy Limits	Employers and Employees make contributions to Dutch social security system thereby insured under Sickness Benefits Act and social security laws
	Employers’ Policy Limits	Sold with General liability cover-EUR 2.5mn to EUR 10mn
	General Liability Policy Limits	EUR 10mn
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	Not a feature of the market
	Professional E&O Policy Limits	NA
Norway	Workers’ Comp Policy Limits	By law this coverage is compulsory. There is no indemnity limit. Compensation is calculated using a formula based on earnings, the degree of disability and dependence. The claim is then multiplied by the base amount or “G”. G is NOK 92,576 (USD 10,508).
	Employers’ Policy Limits	The Employer’s liability Act define fixed compensation for bodily damage and death occurred during work activities
	General Liability Policy Limits	NOK 10mn (USD 1.14mn)
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	NOK 10mn (USD 1.14mn)
	Professional E&O Policy Limits	NOK 5mn (USD 567,537)
United Kingdom	Workers’ Comp Policy Limits	Social Security System
	Employers’ Policy Limits	GBP 10,000,000
	General Liability Policy Limits	GBP 10,000,000
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	GBP 5,000,000
	Professional E&O Policy Limits	GBP 1,000,000
Australia	Workers’ Comp Policy Limits	Varies by State. Compulsory coverage; therefore must include in insurance language.
	Employers’ Policy Limits	N/A
	General Liability Policy Limits	AUD 20mn (USD 14.93mn)
	Umbrella Liability Policy Limits	Excess carriers can be added to GL policy
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	AUD 5mn to AUD 10mn
Canada	Crime/Employee Dishonesty Policy Limits	provincial schemes
	Employers’ Policy Limits	CAD 1mn (USD 775,194) to CAD 5mn (USD 3.88mn)
	General Liability Policy Limits	CAD 1mn to CAD 5mn
	Umbrella Liability Policy Limits	CAD 5mn to CAD 25mn
	Crime/Employee Dishonesty Policy Limits	CAD 250,000 to CAD 1mn
	Professional E&O Policy Limits	CAD 1mn (USD 775,194) to CAD 5mn (USD 3.88mn)
China	Workers’ Comp Policy Limits	Social pools funded on a “pas as you go” basis by Employer’s risk related wage roll contributions.
	Employers’ Policy Limits	Limit of indemnity varies
	General Liability Policy Limits	CNY 500,000 to CNY 1mn any one claim
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	NA
	Professional E&O Policy Limits	CNY 3mn (USD 427,350)
Hong Kong	Workers’ Comp Policy Limits	Minimum limits required by law are HKD 100mn per event for companies employing no more than 200 ppl. 200 people and over min limit is HKD 200mn. Higher limits can be purchased on a voluntary basis
	Employers’ Policy Limits	N/A
	General Liability Policy Limits	HKD 10mn and KKD 30mn (USD 1.28mn and USD 3.85mn)
	Umbrella Liability Policy Limits	Higher limits are available in the market
	Crime/Employee Dishonesty Policy Limits	Small limits, depends on the revenue
	Professional E&O Policy Limits	HKD 5mn to HKD 10mn (USD 641,026 to USD 1.28mn)
India	Workers’ Comp Policy Limits	Based on the salary being paid and the WC Act
	Employers’ Policy Limits	Must be an extension under the GL policy or WC policy
	General Liability Policy Limits	INR 500,000
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	INR 1,000,000 (UDS 15,369)
Philippines	Workers’ Comp Policy Limits	Employees’ Compensation program.
	Employers’ Policy Limits	PHP 1mn ro PHP 5mn (USD 21,231 and USD 106,157)
	General Liability Policy Limits	PHP 100,000 (USD 2, 123) to USD 1mn for multinational company
	Umbrella Liability Policy Limits	Not Available
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	PHP 500,000 (USD 10,616) if applicable
Singapore	Workers’ Comp Policy Limits	As stipulated by Work Injury Compensation Act. Please refer to the link: http://www.mom.gov.sg/workplace-safety-and-health/work-injury-compensation
	Employers’ Policy Limits	SGD 10,000,000 (USD 7,057,014)
	General Liability Policy Limits	SGD 1mn (USD 722,909 for office risk, up to SGD 5mn for factory premises
	Umbrella Liability Policy Limits	NA
	Crime/Employee Dishonesty Policy Limits	NA
	Professional E&O Policy Limits	SGD 2mn (USD 1.45mn)
Thailand	Workers’ Comp Policy Limits	Obliged by law to contribute to the state fund. Contribution rates are calculated by a rate which varies between .2% and 1% of payroll
	Employers’ Policy Limits	THB 1.5mn (USD 42,373)
	General Liability Policy Limits	THB 1mn (USD 28, 249)- THB 25mn (USD 706,125)
	Umbrella Liability Policy Limits	N/A
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	N/A
UAE	Workers’ Comp Policy Limits	Benefits are set by UAE Federal Labour Law
	Employers’ Policy Limits	Limit of indemnity varies
	General Liability Policy Limits	AED 1mn (USD 272,480) to AED 10mn (USD 2.72mn)
	Umbrella Liability Policy Limits	N/A
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	AED 200,000 (USD 54,496) if applicable
Spain	Workers’ Comp Policy Limits	Sum insured in this type of cover can be determinate by employee wage or a fix amount
	Employers’ Policy Limits	EUR 150,000 to EUR 600,000 per person and up to EUR 3mn aggregate
	General Liability Policy Limits	EUR 1mn (USD 1.1.mn)
	Umbrella Liability Policy Limits	EUR 5mn to EUR 25mn capacity
	Crime/Employee Dishonesty Policy Limits	See Comments on Cyber Risks
	Professional E&O Policy Limits	EUR 300,000 to EUR 2mn
United States	Auto	Comprehensive automobile liability, including all owned, non-owned, and hired autos with (A) a per occurrence combined single limit of no less than USD$1,000,000 and (B) an aggregate limit of no less than USD$2,000,000.
	Commercial General Liability	Comprehensive commercial liability, including premises and operations, independent contractors, personal injury, contractual liability, and products liability, completed operations and premise liability coverage with (A) a per occurrence combined single limit of no less than USD$1,000,000 and (B) an aggregate limit of no less than USD$2,000,000. Vendor shall ensure that Nasdaq, Inc. and its subsidiaries, including its and their Representatives (as defined below), are named as additional insureds on such Commercial General Liability policy.
	Worker's Compensation	As required by the laws of the state in which Vendor personnel perform work in connection with the Agreement, Employers’ Liability Insurance coverage with (A) a per accident limit of no less than USD$1,000,000, (B) a per disease limit of no less than USD$1,000,000, and (C) an aggregate limit of no less than USD$1,000,000.
	Professional Liability	Professional liability coverage with liability limits of no less than USD$5,000,000 for each occurrence and in the aggregate. Vendor shall ensure that Nasdaq, Inc. and its subsidiaries are named as co-defendants on such policy.
	Network Privacy and Security Insurance Cyber Liability Insurance	Privacy and Security liability insurance (or its equivalent “cyber/network security” insurance) covering liabilities resulting or arising from acts, errors, or omissions in connection with the services provided or permitted under the Agreement that are associated with any unlawful or unauthorized access to, or acquisition, use, or disclosure of, personally-identifiable information and other personal data (“PII”), personal health information (“PHI”), or payment card information, including cardholder data or sensitive authentication data (“PCI”), including any use or disclosure not permitted by the Agreement, and any breach, loss, or compromise of any PII, PHI, or PCI. Such insurance shall provide coverage with minimum limits of no less than USD$5,000,000 per claim and costs and damages to be covered by such insurance policy shall include costs (A) to notify individuals, including establishing a call center or similar process, (B) to provide credit monitoring and identity restoration services to individuals, (C) and damages associated with third-party claims, including restoration expenses, revenue loss, litigation costs, and settlement costs, and (D) related to any investigation or enforcement activities, including any forensic investigation costs.
	Directors & Officers Liability	Directors and Officers Liability coverage to indemnify directors and officers for claims made against them while serving on a board of directors or similar organizational body with a limit of no less than USD$10,000,000 per occurrence. Vendor shall ensure that Nasdaq, Inc. and its subsidiaries are named as co-defendants on such policy.
	Umbrella	Umbrella liability coverage providing additional limits for commercial general liability, automobile liability, and employer’s liability policies with a liability limit of no less than USD$10,000,000 per occurrence.
	Extended	If any insurance required by this section is written on a claims-made policy form, Vendor shall ensure that such policy has a retroactive date prior to or coinciding with the effective date of the Agreement and shall continue for the Insurance Period. In the event that any such claims-made policy is canceled, terminated, or non-renewed, Vendor shall obtain an extended reporting period endorsement for the remainder of the Insurance Period.
Sweden	Workers’ Comp Policy Limits	Swedish Social Insurance
	Employers’ Policy Limits	N/A (State Scheme)
	General Liability Policy Limits	SEK 10 million
	Umbrella Liability Policy Limits	N/A
	Crime/Employee Dishonesty Policy Limits	N/A
	Professional E&O Policy Limits	Professional indemnity insurance limits are usually low. Compulsory coverage for a range of professions re: lawyers, accountants, insurance intermediaries, real estate agents, and the medical profession.