The British Insurance Brokers’ Association (BIBA) has partnered with Reigate-based insurance company OPUS Underwriting to launch intellectual property insurance (IPI) scheme.
Dubbed BIBA IPS 1000, the insurance policy from OPUS Underwriting, offers intellectual property insurance to businesses with products, brands and know-how to protect them from competitor predators and infringers.
The insurance policy is claimed to offer specialist legal expenses cover for pursuit and defence costs, protecting a businesses from the devastating cost effect of litigation. The policy has also been designed to cover the financial losses incurred when changes to business are required after losing a case.
BIBA technical services head Mike Hallam 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.”
The new scheme offers members benefits like comprehensive and reliable cover, ranging between £100,000 and £1m, a quote and buy IPI portal offering instant quotes and documentation and access to ‘landscape’ analytics to carry out IP due diligence and licensing checks for clients.
Furthermore, the new offering provides fast and efficient referral system for non-standard quotes, specialist lawyers/solicitors in the event of a claim, and underwriting and broker support from OPUS specialist and dedicated team.
OPUS Underwriting managing director Sam Bobo 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.”
With support from Lloyd’s security, OPUS Underwriting stated that it is committed for developing intellectual property insurance in the UK.
BIBA believes that the new insurance scheme can help brokers in attracting new clients, as intellectual property is predicted to be one of the growing markets in ‘tech’ and branding has become even more important.