Aon has established an intellectual property liability underwriting platform with levels of capacity it says is the largest known delegated capacity for the risk.
IP underwriter Ian Lewis has joined the company to spearhead the development of an underwriting team and the creation of a portfolio risk transfer options for IP and other intangible asset risks to be offered by this managing general agent (MGA).
In 2018, Aon announced the development of an insurance facility providing levels of capacity ($100 million) for IP infringement liability exposures, backed by leading Lloyd’s syndicates and led by Tokio Marine Kiln (TMK). Lewis previously led that effort for TMK.
This announcement signals the opening of the first phase of development for Aon’s IP MGA with an IP Liability solution featuring:
- Primary limit of indemnity of up to $100 million
- Policies placed on an annual, claims-made basis that can include coverage for contractual indemnities to customers/licensees
- Coverage options for third-party infringement defense, including certain litigation costs, damages and loss mitigation
- Coverage that can be underwritten on a comprehensive portfolio or selected products/IP basis inclusive of patents
- Coverage automatically includes suits from competitors, Patent Assertion Entities (PAEs), Non-Practicing Entities (NPEs) and copyright trolls
- Coverage available with worldwide territorial and jurisdictional limits
- Coverage option for Trade Secret Misappropriation
- Target markets include businesses of all sizes from SMEs to multi-national corporations in North America, Europe, Australia, New Zealand and parts of Asia
Aon plc (NYSE:AON) is a leading global professional services firm providing a range of risk, retirement and health solutions.
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