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Many of the traditional ways of providing cover formats are no longer appropriate – on-demand insurance provides an… https://t.co/CZlBMKThtQ
Tokio Marine Kiln (TMK) has established a US$100m intellectual property (IP) facility with leading global 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 SMEs to large corporates and will help protect against a wide range of infringement liability risks, initially in the US, 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.
Ian Lewis, IP underwriter at TMK, said: “Growing recognition that IP is not only an important asset but, for many businesses, their most valuable one, is driving demand for IP protection. 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.”
“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 Lee, CEO of IP Solutions at Aon, said: “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. 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.”
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