Intellectual Property (IP) continues to become an increasingly essential component of corporate value and a critical engine for industrial and economic growth. It is critically important for companies to protect their most vital assets—which are increasingly intangible in nature. However, traditional IP insurance solutions have often fallen short of companies’ needs. Marsh is excited to announce a proprietary insurance solution for IP-related risks, IP Protect. IP Protect is a proprietary policy created by Marsh—in collaboration with Ambridge Partners—to meet the IP-related risk transfer needs of modern organizations. This proprietary solution offers more comprehensive protection for an insured’s most vital intangible assets.
IP Protect provides the following protections:
- Defense costs arising from a third-party’s attempt to invalidate an insured’s scheduled registered IP.
- Defense costs and damages (including both settlements and judgements) arising from a third party’s allegation that an insured has violated the third party’s patent, copyright, or trademark rights or, if included by optional endorsement, misappropriated the third party’s trade secrets.
- Costs arising from an insured’s contractual obligations to indemnify its customers or manufacturers if they are sued for IP infringement due to the insured’s actions or omissions.
Other unique features of IP Protect include a streamlined underwriting process and maximum flexibility for insureds to drive their own legal defense.