Marsh has launched IP Protect – an insurance product tailored to address organizations’ intellectual property (IP) risks.
A proprietary Marsh policy, IP Protect is backed by Ambridge Partners, a managing general underwriter of transactional, complex management liability, and intellectual property insurance products.
IP Protect offers 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.
IP Protect covers:
- The costs of defending against third-party attempts to cancel or invalidate an insured’s registered IP.
- Defense costs and damages resulting from IP infringement claims brought by third parties.
- The insured’s contractual obligations to indemnify its downstream customers against third-party infringement claims.
IP Protect also includes a streamlined underwriting process and the ability of insureds to select their defense counsel.
IP Protect is initially available to companies looking to protect U.S. operations with under $2 billion in annual revenue or larger organizations looking to insure specific US assets, subsidiaries, divisions, business units, or product or service lines.
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