Intellectual property insurance is a market set for growth in the coming years
Biba has launched an intellectual property insurance (IPI) scheme with specialist MGA OPUS Underwriting.
Backed by A-rated Lloyd’s security, Biba said OPUS is committed to developing IPI in the UK broker sector.
Known as the BIBA IPS 1000 scheme, it will allow brokers to attract new clients from what is predicted to be a fast-growing market, as ‘tech’ and branding become more important assets.
Sam Bobo, managing director of OPUS Underwriting, 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.”
The BIBA IPS 1000 scheme offers members the following benefits:
• Comprehensive and reliable cover - between £100,000 and £1million
• A quote and buy IPI portal offering instant quotes and documentation
• Access to ‘landscape’ analytics to carry out IP due diligence and licensing checks for clients
• Fast and efficient referral system for non-standard quotes
• Specialist lawyers/solicitors in the event of a claim
• Underwriting and broker support from OPUS specialist and dedicated team
The new scheme offers insurance to companies with products, brands and know-how to protect from infringers. Cover can also help businesses defend themselves should they inadvertently infringe on others’ styles and copyright.
The policy offers specialist legal expenses cover for pursuit and defence costs.
It is also designed to cover the financial losses incurred when changes to a business are needed after losing a case.
Mike Hallam, head of technical services at Biba, 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.”
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