Terms of Service

1. About these terms

These terms are the agreement between Coverbound ('we', 'our' or 'us') and the business that signs up to use Coverbound ('you' or 'your firm'). Coverbound is a trading name of Risk Monitor Pty Ltd (ACN 158 218 994), a company registered in Australia.

You accept these terms when someone ticks the box at sign-up, accepts an invitation, or uses Coverbound for your firm. That person confirms they are at least 18 and are authorised to bind your firm. Coverbound is for business use only.

These terms include our Privacy Policy and our Data Processing Agreement, which covers the personal information you put into Coverbound. If anything conflicts, the Data Processing Agreement wins on personal information and these terms win on everything else.

2. The service

Coverbound is software for insurance brokers. It reads documents, emails and meetings, drafts work and keeps records, and gives your clients ways to answer questions, share files, sign documents and report claims. We may improve or change features over time. We won't remove a core feature you are paying for without telling you at least 30 days before, and if that change materially harms you, you may cancel and get a pro-rata refund of any prepaid fees.

Each person who logs in for your firm is a user. Logins are personal: please don't share them. You are responsible for who you give access to and for what your users do in Coverbound.

3. Free trial

New firms get a free trial of 14 days with 50 credits. No card is needed. If you don't add a card by the end of the trial, your account turns read-only. Nothing is deleted, and adding a card later picks up where you left off.

The trial and any free tools are provided as they are. Section 13 still protects you where the law says it must.

4. Fees and billing

• Price: you pay per user, monthly or yearly, at the prices on our pricing page when you subscribe. Prices exclude GST or VAT, which we add where it applies.
• Users: a user added during a billing period is charged from the day they join, for the rest of that period. Removing a user reduces your next bill.
• Credits: each paid user brings monthly credits, which reset each month. Top-up credits last 12 months from purchase and are used only once the month's credits run out. Credits have no cash value.
• Payment: you pay by card through our payment provider, Stripe, in advance for each billing period. Invoices are on your billing page.
• Late payment: if a payment fails, we'll tell you and give you at least 14 days to fix it before your account turns read-only.
• Price changes: we'll give you at least 30 days' notice of a price increase. It applies from your next billing period after the notice ends, and you may cancel before then.

5. Renewal and cancelling

Your subscription renews automatically at the end of each monthly or yearly period. For yearly plans, we'll remind you by email at least 14 days before renewal.

You can cancel any time from your billing page. You keep access until the end of the period you've paid for. Fees already paid aren't refunded, except where these terms or the law say otherwise.

We can end your subscription for any reason by giving you at least 60 days' notice. If we do, we'll refund any fees you've prepaid for the period after it ends.

Either of us can end these terms by written notice if the other seriously breaches them and doesn't fix the breach within 30 days of being told, or becomes insolvent. If you end them because of our breach, we'll refund any prepaid fees for the rest of the period.

When your subscription ends, your account turns read-only and your data stays available to view. If you ask within 30 days of the end, we'll give you an export of your data in a common format. You can ask us to delete it at any time, and we'll do so within 30 days of your request, as set out in the Data Processing Agreement. If an account stays unpaid for 12 months, we may delete its data after giving you at least 60 days' notice by email.

6. AI output and your professional duties

Coverbound uses AI to read documents and draft work. AI can be wrong, incomplete or out of date. Coverbound shows where its findings come from and marks what it can't verify, but you must check its output before you rely on it or send it to anyone.

• Coverbound is software. We are not an insurer or broker, we don't hold an Australian financial services licence or FCA authorisation, and we don't give financial product advice, arrange insurance or deal in financial products.
• Anything Coverbound drafts, including comparisons, recommendations, submissions and answers to your clients' questions, is a draft for you to review, change and adopt as your own.
• You remain responsible for your advice and for meeting your obligations as a licensed broker, including under the Corporations Act, the Insurance Contracts Act, the FCA rules and the Consumer Duty.
• You won't use Coverbound to make decisions about people that have legal or similarly significant effects on them without a person at your firm reviewing those decisions.
• Where Coverbound chats with your clients, it is set up not to advise on cover, price or what to disclose. You are responsible for how you configure and supervise these features.

7. Your data

'Your data' means everything you, your users and your clients put into Coverbound, and the output Coverbound creates from it. You own your data. You give us permission to host, copy, process and display it only to provide, secure and support Coverbound for you, and as the law requires.

We don't sell your data. We don't use it to train AI models, and our AI providers are contractually barred from doing so. We may use anonymised, aggregated statistics about how Coverbound is used to run and improve it, provided they never identify you, your clients or any person.

You are responsible for having the right to put your data into Coverbound, including giving any notices and getting any consents your clients and others need. We process personal information in your data on your behalf under our Data Processing Agreement.

8. Acceptable use

You and your users must not:

• break the law, or upload content you have no right to use
• record a meeting or call without the notices and consents the law requires where each participant is located
• send spam, or use client links, the client portal or e-signing to mislead or harass anyone
• upload malware, probe or test our security, or try to get around usage limits or safety controls
• copy, resell or reverse engineer Coverbound, or use it to build a competing product
• use Coverbound's AI features in breach of the Google Generative AI Prohibited Use Policy, which applies because our AI runs on Google's models.

9. Your clients and client-facing features

Your clients can use Coverbound through links, questionnaires, the client portal, e-signing and claim reporting. They don't need an account and don't agree to these terms. You are responsible for inviting them, for what you send them and for the notices you give them about how their information is handled. We act on your behalf when we process their information.

10. Confidentiality

Each of us will keep the other's confidential information confidential, use it only for the purposes of these terms and share it only with staff, contractors and advisers who need it and are bound by similar duties. This doesn't apply to information that is public through no fault of the receiving party, that the receiving party already had or created independently, or that the law requires to be disclosed (after giving notice where allowed).

11. Security and privacy

We protect Coverbound and your data with reasonable technical and organisational measures, described in the Data Processing Agreement. Our Privacy Policy explains how we handle personal information about you and your users, and our sub-processor list names the providers we use.

12. Availability and support

We work to keep Coverbound available and fast, and to give you notice of planned maintenance where we can. We don't promise it will be uninterrupted or error free. Support is by email at hello@coverbound.co and in the app. We back up your data, and if data is lost through our fault we'll take reasonable steps to restore it from our backups.

13. Your rights under consumer law

Nothing in these terms excludes, restricts or changes any right or remedy you have under law that can't be excluded, including the consumer guarantees in the Australian Consumer Law. Where the law lets us limit our liability for breaching a consumer guarantee, our liability is limited, at our choice, to supplying the services again or paying the cost of having them supplied again.

14. Limits on liability

These limits apply to both of us equally.

• Indirect loss: neither of us is liable for loss of profit, revenue, business or goodwill, or for any indirect or consequential loss, however it arises.
• General cap: each party's total liability under or in connection with these terms is limited to the fees paid and payable by you in the 12 months before the event giving rise to the claim.
• Data and confidentiality cap: for breaches of section 10, of the Data Processing Agreement or of data protection law, and for the indemnities in section 15, the cap is twice the general cap instead.
• No cap: nothing limits liability for fraud, for death or personal injury caused by negligence, for your obligation to pay fees, or for anything else the law doesn't allow to be limited.
• Shared fault: each party's liability is reduced to the extent the other party caused or contributed to the loss.

15. Indemnities

We will defend you against any third-party claim that your use of Coverbound, as we provide it, infringes that party's intellectual property rights, and pay any resulting damages or settlement we agree to. This doesn't cover claims caused by your data, by your changes or by combining Coverbound with things we didn't provide.

You will defend us against any third-party claim that your data, or your use of Coverbound in breach of section 8, breaks the law or infringes that party's rights, and pay any resulting damages or settlement you agree to.

The party claiming must tell the other promptly, let them control the defence and help reasonably at their cost.

16. Intellectual property and feedback

We own Coverbound, including its software, design and documentation. These terms give you a non-exclusive right to use it for your firm's business while your subscription lasts. If you send us ideas or feedback, we may use them freely, without any obligation to you.

17. Suspension

We may suspend access only where it is reasonably necessary: if payment is overdue after the notice in section 4, if there is a security risk to Coverbound or other customers, or if use seriously breaches section 8. We'll tell you first where we reasonably can, keep the suspension as narrow and short as possible and restore access once the issue is fixed.

18. Changes to these terms

We may update these terms as Coverbound or the law changes. We'll give you at least 30 days' notice of a material change by email and in the app. A material change takes effect from your next renewal after that notice. If you don't accept a change, you can cancel before it takes effect and get a pro-rata refund of any prepaid fees for the period after that date. Changes never apply to anything that happened before they took effect. Changes required by law, or that only add features or clarify wording, may take effect sooner.

19. Governing law and disputes

If your billing country is Australia, these terms are governed by the laws of Victoria, Australia, and the courts of Victoria have jurisdiction. If your billing country is the United Kingdom, these terms are governed by the laws of England and Wales, and the courts of England and Wales have jurisdiction.

Before going to court, either of us will first raise the dispute in writing and both of us will try in good faith to resolve it within 30 days. This doesn't stop either of us seeking urgent relief from a court.

20. General

• Entire agreement: these terms, the Privacy Policy and the Data Processing Agreement are the whole agreement between us about Coverbound. Any terms on your purchase orders don't apply.
• Assignment: neither of us may transfer these terms without the other's written consent, which won't be unreasonably withheld, except to a buyer of all or most of the relevant business, with notice to the other.
• Events outside our control: neither of us is liable for delays caused by events beyond reasonable control, other than payment obligations.
• Notices: we send notices to the email address of your account owner. You send them to hello@coverbound.co.
• Severability: if part of these terms is unenforceable, the rest still applies.
• Waiver: not enforcing a right isn't a waiver of it.
• Surviving terms: sections that by their nature should survive the end of these terms do so, including sections 7, 10, 13, 14, 15 and 19.