Tokio Marine Kiln has released its new Intellectual Property Abatement Insurance for US-based SMEs, where the product will be available as an add-on to TMK’s Intellectual Property (IP) Infringement Defence Policy and features limits of up to $3 million.
The product will be available for Micro-Enterprise and Small to Medium size clients with revenues under $100 million.
The organisations that would benefit most from the product is expected to be start-ups holding intellectual property rights.
The abatement add-on product will cover legal representative’s fees and legal expenses incurred by organizations seeking to protect their filed intellectual property rights and will feature coverage limits of up to USD3m.
The product complements TMK’s IP Infringement Defence product, which has been a core offering in the US for almost a decade.
TMK is a specialist in IP insurance, launching its IP Rights Protection product in the US last year. This covers the cost of defence should a third-party challenge rights in, or ownership of, IP within an IP portfolio.
Aoife Woulfe, Head of Intellectual Property at TMK, said: “This is another new product offering by the IP Team at TMK which is indicative of our commitment to meeting our customers’ changing needs.
“We are already writing IP Enforcement worldwide excluding the US, and we are excited to bring our expertise and financial strength to customers in the US market.”
