International General Insurance (IGI) is expanding its growing portfolio of insurance business with the launch of Intellectual Property (IP) Insurance.
The new class of business has been introduced to complement IGI’s Legal Expenses offering, which provides coverage for both Before-the-Event (BTE) and After-the-Event (ATE) Legal Expenses Insurance. The Intellectual Property cover will also offer wide protection for patents, trademarks, copyright, design rights and contractual liabilities concerning IP.
In addition, it will cover the legal costs and damages for IP infringement and enforcement actions, which can heavily impact any business caught up in an expensive IP dispute.
Jo Green, Underwriter for Legal Expenses at IGI said: “Having this insurance allows businesses to maintain strength of brand when differentiating their product offering from those of the competition. By providing bespoke coverage and limits of indemnity, IGI can also help businesses to access and compete in international markets alongside larger competitors with greater resources.”
Ms. Green added that while the consequences of Brexit for UK businesses remain unclear, companies should be looking to protect their IP – which could be their most valuable asset.
“IP Insurance will help in safeguarding UK business post Brexit. Deal or no deal, IP Insurance supports innovation. It provides peace of mind to those who own, trade or license their creations by allowing businesses to exploit their IP in the knowledge that they are insured if they need to defend allegations of infringement or enforce their IP rights against an infringer.”
IGI will be launching their Intellectual Property Insurance at the 2019 BIBA conference on 15 May at Stand B60.
Source: Company Press Release