ICANN has announced that Domain Registrars across the world no longer need to procure a comprehensive general liability (CGL) insurance in order to maintain their ICANN Accreditation.
Based on public comments received earlier this year, ICANN concluded that the requirement to carry $500,000 in CGL insurance was hindering the development of the domain name industry in certain parts of the world, particularly Africa and the Middle East. This insurance can be difficult to obtain and prohibitively expensive in the developing world.
A few Domain Registries, however, still need a CGL insurance from Registrars. For instance, Verisign (.com and .net) and Public Domain Registries (.org, .ngo and .ong) require $1,000,000 CGL Insurance from Registrars.
We definitely welcome ICANN’s decision. In the past, we’ve noticed that prospect partners from developing nations aren’t able to stand toe-to-toe with peers from developed nations because of the steep insurance required to get Accredited.
Got any queries on ICANN Accreditation? Feel free to reach out to us at firstname.lastname@example.org