Aon Plc has established an underwriting platform which the group describes as having the world’s largest known delegated capacity for intellectual property (IP) liability risks.
“We are investing aggressively to bring together market-leading experts from the IP world to best serve our client needs,” said Lewis Lee, chief executive of IP Solutions at Aon.
“Considering the current economic environment, the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher, and the timing of Aon’s IP MGA (managing general agent) could not be better for our clients.”
The MGA’s target markets include businesses of all sizes in Australia, New Zealand, parts of Asia, North America, and Europe. Spearheading the development of a strong underwriting team and the creation of a risk transfer solutions portfolio is recognised IP underwriter Ian Lewis, who recently joined Aon.
The IP liability solution will feature a primary limit of indemnity of up to US$100 million (around AU$155.2 million); coverage options for third-party infringement defense, including certain litigation costs, damages, and loss mitigation; and policies placed on an annual, claims-made basis that can include coverage for contractual indemnities to customers or licensees.
In addition, coverage automatically includes suits from competitors, patent assertion entities, non-practicing entities, as well as copyright trolls and can be underwritten on a comprehensive portfolio or selected products/IP basis inclusive of patents.
The option for trade secret misappropriation coverage, as well as worldwide territorial and jurisdictional limits, are also available.
It was in 2018 that Aon announced the development of an insurance facility providing market-leading levels of capacity for IP infringement liability exposures that is backed by Lloyd’s of London syndicates led by Tokio Marine Kiln (TMK). Lewis, who is now global head of IP underwriting solutions at Aon, previously led that effort for TMK.
“Having worked with Aon’s IP Solutions data analytics, risk modelling, and due-diligence teams over the past few years from the insurer side, I know that our ability to provide enhanced product solutions, with improved rating supported by robust underwriting, is unrivalled,” he said.