Tokio Marine Kiln (TMK) has established a US$100 million intellectual property (IP) facility with global insurance broker Aon and several other Lloyd’s syndicates.
The facility will be led by TMK and is one of the first for IP in the London market, providing far greater capacity for larger IP risks. The new facility will offer tailored cover for businesses of all sizes, from small-and-medium-sized enterprises (SMEs) to large corporates and will help protect against a wide range of infringement liability risks, initially in the U.S., the UK and Europe.
The initiative is one of several to be unveiled by TMK this year to meet a rising global demand for IP cover.
“Growing recognition that IP is not only an important asset but, for many businesses, their most valuable one, is driving demand for IP protection,” said Ian Lewis, IP underwriter at TMK.
“The market has reached a turning point, with strong demand being further propelled by recent high-profile court settlements, companies being acquired solely for their IP and impending legislative changes to IP enforcement,” he added.
“As the world changes, so our clients’ risks evolve. It is critically important that insurers develop products which mitigate the new risks our clients are facing,” Lewis commented.
“Managing both the value creation opportunity afforded by IP and the downside risk mitigation is critical. Yet, capacity restraints, coverage limitations, high retention and co-insurance requirements mean clients often struggle to obtain adequate protection,” said Lewis Lee, CEO of IP Solutions at Aon.
“This latest offering in our suite of integrated IP capabilities brings a holistic approach to IP. It utilizes patent litigation analytics, predictive modelling techniques, risk mitigation and innovative distribution strategies to help clients build and protect a valuable IP portfolio while minimizing risks,” Lewis continued.
Source: Tokio Marine Kiln (TMK)
Topics Excess Surplus New Markets Property Lloyd's Aon
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