London-based CFC Underwriting, a provider of insurance for small and medium enterprises, has launched a new intellectual property (IP) product, following the addition of Munich Re’s intellectual property team to the company.

CFC underwriting director Andy Holmes was quoted by as saying that CFC had been eyeing the IP market for the last seven or eight years.

"Protecting IP assets and exposures is vital to any business, but particularly to start ups and growing businesses in the media, technology, life science and pharmaceutical industries," Holmes added.

"The IP insurance market has until now been provided by just a handful of players and we view this as the right time for us to be giving brokers another option when their clients need this cover."

The new IP product will include a pursuit element covering the cost of pursuing IP rights in the event of infringement, apart from the usual IP defence.