The British Insurance Brokers’ Association (BIBA) has launched an intellectual property insurance scheme with leading specialist underwriting agent OPUS Underwriting.
The new scheme offers competitively priced intellectual property insurance to companies with products, brands and know-how to protect from competitor predators and infringers. Insurance cover can also help businesses defend themselves should they inadvertently infringe on others’ styles and copyright.
The policy offers specialist legal expenses cover for pursuit and defence costs, which protects from the often devastating effects of litigation. Above and beyond this, the policy is also designed to cover the financial losses incurred when changes to a business are needed after losing a case.
Backed by A-rated Lloyd’s security, OPUS is committed to developing IPI in the UK broker sector. This scheme will allow brokers to attract new clients from what is predicted to be a fast-growing market as ‘tech’ and branding become ever more important assets.
The BIBA IPS 1000 scheme offers members the following benefits:
• Comprehensive and reliable cover – between £100,000 and £1million
• A quote and buy IPI portal offering instant quotes and documentation
• Access to ‘landscape’ analytics to carry out IP due diligence and licensing checks for clients
• Fast and efficient referral system for non-standard quotes
• Specialist lawyers/solicitors in the event of a claim
• Underwriting and broker support from OPUS specialist and dedicated team
Sam Bobo, Managing Director of OPUS Underwriting, said: “The latest Government study shows that 70% of a typical company’s value lies in its intangible assets. With this package brokers now have a real opportunity to consider IPI as a future market and GWP generator. We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product.”
Mike Hallam, Head of Technical Services at BIBA, said: “IPI is a market for todays ‘IP-rich’ economy and has the potential for significant future growth. Our members are now increasingly familiar with abstract insurance products and we see access to BIBA IPS 1000 and the support team and expertise at OPUS, as essential for our members in this exciting and emerging market. We look forward to seeing the success of this new partnership in the months ahead.”