Lloyd's insurer Kiln has followed up the launch of its intellectual property rights (IPR) coverage with the sale of its first IPR policy to an international pharmaceutical company.
Kiln, who negotiated the deal through Lloyd's broker Glenrand, would not name the pharmaceutical company, but said the cover would allow it to protect various patents and trademarks which were integral to the group's development and profitability.
It added that the cover met a growing need for businesses to secure the value of their intangible assets. Until now, intellectual property has been uninsurable, with only the legal costs arising from disputes being covered.
Kiln director of underwriting Robert Chase said: "IPR are often the major revenue generating assets of companies in many areas of business.
"This new product enables these companies, for the first time, to quantify and protect the value of these intangible assets."
The product is marketed under the Kiln 4Thought brand.