Aon plc has launched a new insurance product designed to cover clients’ intellectual property liability, including patents, copyrights, trademarks, trade secrets and know how. This is the latest offering in Aon’s suite of integrated IP capabilities following the recent announcement of its newly formed IP Solutions group as well as the acquisition of IP firm 601West.
Aon utilizes patent litigation analytics, predictive modeling techniques and distribution strategies, for its coverage, which includes meaningful IP liability insurance capacity.
Coverage features include:
- Primary limit of indemnity of up to $100 million in capacity available per policy, subject to qualification;
- Policies placed on an annual, claims-made basis that can include coverage for contractual indemnities;
- Coverage options for third-party infringement defense, including certain litigation costs, damages and loss mitigation;
- Coverage that is underwritten with a comprehensive portfolio view of products/IP of the insured on a global exposure basis;
- Data-driven risk assessment, placement efficiency, adequate capacity, process simplification and pre- and post-incident response support.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. The move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
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