Broker The Miller Insurance Group has created a new facility to cover Intellectual Property (IP) disputes.
Headed by ex-Crawley Warren IP specialist, Ian Lewis, the specialist team will be part of Millers' Science and Technology unit. The unit has endorsements from the Biotech Industry Association and the Computing Services & Software Association.
Policies will be written on a bespoke basis, mostly with territorial and jurisdictional limits. Cover extends to trade secrets, damages arising from an unsuccessful third party actions and internet-related exposures.
The cover is underwritten 100% at Lloyd's with syndicate 702 RE Brown as lead underwriter.
Policies include litigation costs to: pursue infringers of an insured's rights; defend actions against the insured alleging they have infringed copywright; defend challengers to the validity/ownership of rights; pursue or defend breaches of agreements which control the exploitation or confidentiality of the rights.
Lewis said: "The UK Biotechnology and High Technology are reliant upon their intellectual property rights and are aware of the huge effect they have on the business, and shareholder value."