Intellectual Property (IP) remains an increasingly essential component of corporate value and a critical engine for industrial and economic growth. It is imperative for companies to protect their most vital assets—which are increasingly intangible in nature. However, traditional intellectual property insurance solutions have often fallen short of companies’ needs, leaving them exposed to litigation and other potential threats.
Modern organizations in all industry sectors — including tech-enabled organizations and companies considering an IPO — should consider their exposure to risks relating to patents, trademarks, copyrights, and trade secrets, including protection from:
Generally, there are five types of IP insurance products:
To address an organizations’ intellectual property (IP) risks, Marsh developed a proprietary defensive intellectual property insurance solution: IP Protect. IP Protect is backed by Ambridge Partners, a leading managing general underwriter of transactional, complex management liability, and intellectual property insurance products. IP Protect goes beyond current insurance offerings to provide broad defense coverage for losses relating to patents, copyrights, trademarks, and, by endorsement, trade secrets. More than $60 million in primary coverage is available from Ambridge, with additional capacity available from excess liability insurers.
“As the importance of IP rights and their related expenditures continue to rise, many organizations have sought an effective solution to protect their IP assets, products, and services, only to find inadequate coverage at a high cost,” said Jason Sandler, a Vice President in Marsh’s US Financial and Professional Practice. “With IP Protect, we now are able to provide clients with the broad coverage and meaningful limits they have been seeking — at a more affordable price.”