Basefund transaction insurance is available with both Secure Closings and Secure Transactions. Coverage is tied to the specific parties, receiving account, and amount associated with a transaction or disbursement rather than applied as a general organizational policy.
Basefund’s transaction insurance is underwritten through Lloyd’s of London. Standard coverage is included with Basefund products, and additional coverage may be available for higher-value transactions.
How coverage becomes eligible
Coverage activates only after the required security controls are complete.
For a disbursement to qualify:
The required individuals must complete identity verification.
The receiving bank account must complete bank-account validation.
The participant, account, and disbursement information must correspond to the transaction being insured.
Basefund must display the applicable coverage as active or bound before funds move.
Identity verification and bank-account validation are separate requirements. Completing one does not complete the other.
Coverage is transaction-specific
Basefund coverage is associated with the verified parties, validated receiving account, and amount shown for the applicable transaction or disbursement.
Changing a participant, account, amount, or other material transaction detail may require Basefund to re-evaluate the disbursement’s eligibility or coverage status. Review the displayed insurance status after making a change.
Standard and additional coverage
Basefund products include a standard level of transaction-specific coverage after the required verification and validation are complete. Additional coverage may be available when the transaction amount exceeds the included limit.
The amount and status displayed in Basefund, together with the applicable agreement and insurance policy, determine the coverage for a particular transaction.
What the help-center summary does not replace
This article is a general explanation, not a statement of policy terms or a guarantee that a particular loss will be covered.
Coverage, limits, exclusions, conditions, and any applicable claim requirements are governed by your organization’s Basefund agreement and the applicable insurance policy. Review those documents or contact Basefund for transaction-specific questions.