Reinsurance broker Aon has created a new underwriting platform with delegated capacity for intellectual property liability risks.
This new offering from Aon aims to meet the changing needs of clients’ intellectual property (IP) exposures.
The IP Liability solution features a primary limit of indemnity of up to $100m. Policies will be placed on an annual, claims-made basis that will include coverage for contractual indemnities to customers/licensees.
In addition, the new solution provides coverage options for third-party infringement defense. It will also cover certain litigation costs, damages and loss mitigation.
The coverage automatically includes suits from competitors and is available with worldwide territorial and jurisdictional limits. The company also offer a coverage option for Trade Secret Misappropriation.
Aon IP Solutions CEO Lewis Lee said: “We are investing aggressively to bring together market-leading experts from the IP world to best serve our client needs.
“Considering the current economic environment, the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher, and the timing of Aon’s IP MGA could not be better for our clients.”
Earlier in 2018, the company announced the development of an insurance facility providing $100m of capacity for IP infringement liability exposures, backed by leading Lloyd’s syndicates and led by Tokio Marine Kiln (TMK).
The new development will be spearheaded by Ian Lewis who led the efforts for TMK previously. The underwriting team lead by Lewis has created a portfolio of risk transfer solutions for IP and other intangible asset risks to be offered by this Managing General Agent (MGA), the company said.