The British Insurance Brokers’ Association (BIBA) in collaboration with specialist underwriting agent OPUS Underwriting has rolled out an intellectual property insurance scheme (IPI).
The new policy provides intellectual property insurance to firms with products, brands and expertise to guard them from rivals and infringers.
The scheme will also offer coverage in case businesses unintentionally violate others’ styles and copyright, the company said.
It will also offer businesses specialist legal expenses cover to pursue legal cases against wilful infringer.
Additionally, the new offering will cover the financial losses incurred when changes to a business are needed after losing litigation.
BIBA expects this new insurance scheme to help brokers attract new clients from fast-growing market such technology where branding is an important asset.
OPUS Underwriting managing director Sam Bobo said: “The latest Government study shows that 70% of a typical company’s value lies in its intangible assets.
“With this package brokers now have a real opportunity to consider IPI as a future market and GWP generator. We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product.”
BIBA head of technical services Mike Hallam said: “IPI is a market for todays ‘IP-rich’ economy and has the potential for significant future growth.
“Our members are now increasingly familiar with abstract insurance products and we see access to BIBA IPS 1000 and the support team and expertise at OPUS, as essential for our members in this exciting and emerging market. We look forward to seeing the success of this new partnership in the months ahead.”