Insurance broker Wells Fargo Insurance has introduces two new products, namely revENSURE and ANDAfend, from its Professional Risk Group, Intellectual Property Risk Mitigation Practice (IPRMP) to help protect revenues or royalties from intellectual property challenges.
IPRMP national practice leader Dr Chris Sclimenti said, "Both products were designed to protect a company’s expected revenues from legal challenges to the intellectual property supporting its sales or licensing."
Offering indemnification for a company’s actual revenue shortfall, the new insurance products serve as a hedge against unfavorable market coverage from intellectual property litigation that may affect profits.
revENSURE insurance is capable of indemnifying a company for a shortfall in revenue if the intellectual property rights that support its sales (or licensing) are adversely affected.
Designed specifically to cover drug products, ANDAfend insurance provides indemnification for a shortfall in a company’s drug sales or licensing as a result of a successful paragraph IV challenge.
Both the Wells Fargo Insurance proprietary solutions are underwritten by a dedicated facility at Lloyd’s of London.
With 127 offices in 37 states, 7,000 insurance professionals of Wells Fargo Insurance write or place $15bn of risk premiums annually in property, casualty, benefits, international, personal lines, and life products.