UK-based specialist insurer Pen Underwriting has launched a new mental property (IP) insurance coverage resolution to guard in opposition to rising infringement dangers.
The launch builds on Pen’s choice to create a brand new IP underwriting unit earlier this 12 months and the appointment of Erik Alsegard as head of IP.
Pen’s new providing is backed by Tokio Marine Kiln (TMK) and is meant to serve a variety of business sectors and enterprise sizes, from start-ups and SMEs to main organisations.
Initially, the IP insurance coverage will likely be supplied to companies within the UK, with plans to launch the world over.
Pen stated the brand new providing is modular and may be tweaked based on particular IP dangers.
It should cowl legal responsibility for infringement, claims of contract breaches, contractual duties to indemnify for IP claims, challenges to the insured’s IP rights, and safety of the insured’s IP rights in opposition to infringers.
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Alsegard stated: “With the demand for IP insurance coverage anticipated to develop strongly because of the corresponding rise within the worth of intangible enterprise belongings, brokers are searching for extra selection in a restricted market, which we’re excited to offer.
“Combining the experience of specialist underwriters at Pen who actually perceive this space of danger and publicity for his or her shoppers, with the backing of a provider like TMK who’s equally skilled in IP insurance coverage, gives a strong new proposition.”
TMK IP underwriter Ellie Webb stated: “We’re very happy to associate with Pen and assist carry its easy-to-access, modular IP insurance coverage proposition to market.
“You will need to proceed to develop the market in line with anticipated demand to assist defend organisations from the substantial monetary dangers concerned with IP-related disputes.”
Final week, Arch Insurance coverage Worldwide launched an intangible belongings division to offer protection for IP dangers.
Arch Insurance coverage’s London-based IP underwriting staff will cater to companies of all sizes and supply protection for a variety of dangers akin to exposures to IP infringement, contractual liabilities, invalidation, and disruption.
