Wells Fargo Insurance, part of Wells Fargo & Co. has launched two new insurance products from its Professional Risk Group, Intellectual Property Risk Mitigation Practice (IPRMP): revENSUREand ANDAfend.
“Both products were designed to protect a company’s expected revenues from legal challenges to the intellectual property supporting its sales or licensing,” said Chris Sclimenti, Ph.D., national practice leader for IPRMP.
The new insurance products provide indemnification for a company’s actual revenue shortfall and serve as a hedge against unfavorable market coverage from intellectual property litigation that may affect profits:
- revENSURE insurance can indemnify a company for a shortfall in revenue if the intellectual property rights that support its sales (or licensing) are adversely affected.
- ANDAfend insurance is designed specifically to cover drug products and provide indemnification for a shortfall in a company’s drug sales (or licensing) as a result of a successful paragraph IV challenge.
revENSURE and ANDAfend are Wells Fargo Insurance proprietary solutions and are underwritten by a dedicated facility at Lloyd’s of London.
Wells Fargo Insurance’s Professional Risk Group includes teams of technical professionals in multiple areas including crime, employment practices liability, fiduciary liability, intellectual property risk mitigation, private company management liability, professional liability, public company directors & officers liability, transaction liability as well as technology, privacy and network risk.
With 127 offices in 37 states, Wells Fargo Insurance provides products for a range of customers, including retail consumers, high net worth individuals, small businesses, as well as middle market and large corporate customers.
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