UK-based specialist insurer Pen Underwriting has introduced a new intellectual property (IP) insurance solution to protect against rising infringement risks.
The launch builds on Pen’s decision to create a new IP underwriting unit earlier this year and the appointment of Erik Alsegard as head of IP.
Pen’s new offering is backed by TMK and is intended to serve a wide range of industry sectors and business sizes, from start-ups and SMEs to major organisations.
Initially, the IP insurance will be offered to businesses in the UK, with plans to launch across the world.
Pen said the new offering is modular and can be tweaked according to specific IP risks.
It will cover liability for infringement, claims of contract breaches, contractual duties to indemnify for IP claims, challenges to the insured’s IP rights, and protection of the insured’s IP rights against infringers.
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Alsegard said: “With the demand for IP insurance expected to grow strongly due to the corresponding rise in the value of intangible business assets, brokers are looking for more choice in a limited market, which we are excited to provide.
“Combining the expertise of specialist underwriters at Pen who really understand this area of risk and exposure for their clients, with the backing of a carrier like TMK who is equally experienced in IP insurance, provides a powerful new proposition.”
TMK IP underwriter Ellie Webb said: “We are very pleased to partner with Pen and help bring its easy-to-access, modular IP insurance proposition to market.
“It is important to continue to grow the market in step with anticipated demand to help protect organisations from the substantial financial risks involved with IP-related disputes.”
Last week, Arch Insurance International launched an intangible assets division to provide coverage for IP risks.
Arch Insurance’s London-based IP underwriting team will cater to businesses of all sizes and provide coverage for a wide range of risks such as exposures to IP infringement, contractual liabilities, invalidation and disruption.