Global insurance and reinsurance broker Aon has announced the launch of a new underwriting platform featuring the world’s largest capacity for intellectual property (IP) liability risks.
Aon says that its latest offering is designed to meet the changing needs of clients’ IP exposures, especially in the current distressed economic environment that is being caused by the COVID-19 pandemic.
Back in 2018, Aon announced the establishment of an insurance facility providing $100 million of capacity for IP infringement liability risks, backed by Lloyd’s of London syndicates and led by Tokio Marine Kiln (TMK).
This milestone, says Aon, opens the first phase of development for its IP Managing General Agent (MGA) with an IP Liability solution.
The effort by TMK was led by Ian Lewis, who recently joined Aon to lead the development of a strong, market-leading underwriting team and the establishment of a portfolio of innovative risk transfer products for IP and other intangible asset risks to be offered by this new MGA.
Lewis Lee, Chief Executive Officer (CEO) of IP Solutions at Aon, commented: “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.”
Ian Lewis, Global Head of IP Underwriting Solutions at Aon, added: “Having worked with Aon’s IP Solutions data analytics, risk modelling and due-diligence teams over the past few years from the insurer side, I know that our ability to provide enhanced product solutions, with improved rating supported by robust underwriting, is unrivalled.”
The IP Liability solution features a primary limit of indemnity of up to $100 million (€100 million), with policies placed on an annual, claims-made basis that can include coverage for contractual indemnities to customers/licensees.
In addition, Aon explains that the new solution includes coverage options for third-party infringement defense, while coverage can also be underwritten on a comprehensive portfolio or selected products basis. Coverage automatically includes suits from competitors and is available with worldwide territorial and jurisdictional limits, and, there’s also a coverage option for Trade Secret Misappropriation.
Aon says that target markets include businesses of all sizes in North America, Europe, Australia, New Zealand, and parts of Asia.