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Many clients unaware that intellectual property risks are not adequately covered by traditional insurance products, according to IP underwriter Ian Lewis
Intellectual Property (IP) exposures are dangerously underinsured due to gaps in traditional coverages and many clients are unaware, brokers heard at the inaugural Tokio Marine Kiln (TMK) Intellectual Property Masterclass event.
“Despite costs for resolving IP disputes being at an all-time high and the complexity of cases increasing, many common insurance products exclude or feature inadequate sub-limits for key exposures such as patent infringement and theft of trade secrets,” according to Ian Lewis, IP underwriter at TMK. “Clients are often surprised to hear that standalone IP insurance is available to cover these gaps.”
Commenting on the common misconceptions and the increasing threat of intellectual property disputes, Lewis said: “Every day trading creates IP risk. Today, a business does not even need to own intellectual property rights such as patents or trademarks in order to be accused of infringing another company’s IP.”
During the event, a panel of experts including TMK’s enterprise risk team and intellectual property lawyer Peter Langley, from Origin, simplified the complexities of the risks and the insurance that is available to address them. TMK’s intellectual property offering covers patent, trade secret, copyright and trademark risk as headline coverages with a limit of up to US$25m; the largest capacity in the Lloyd’s market.
Acknowledging some of the perceived complexities of the risk, the panel urged brokers not to be afraid of engaging with their clients on intellectual property and encouraged them to work with TMK to aid their understanding and obtain support. “As an industry we need to do a better job of explaining IP exposures to our clients and informing them of the protections that are available,” Lewis concluded.
The masterclass is part of a series of events led by TMK to inform the market about IP risks. For more information about these events or about TMK’s intellectual property insurance products and services, contact firstname.lastname@example.org