Another scheme has been rolled out by the British Insurance Brokers’ Association (BIBA), which has partnered with OPUS Underwriting to offer competitively priced intellectual property insurance (IPI).
Called BIBA IPS 1000, the scheme features comprehensive cover of between £100,000 and £1 million; access to what is called “landscape analytics” to carry out IP due diligence and licensing checks for clients; as well as a quote-and-buy portal that provides instant quotes and documentation.
Other benefits include an efficient referral system for non-standard quotes; specialist lawyers or solicitors in the event of a claim; plus underwriting and broker support from the specialist underwriting agent’s dedicated team.
“IPI is a market for today’s ‘IP-rich’ economy and has the potential for significant future growth,” commented BIBA technical services head Mike Hallam. “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.”
Meanwhile OPUS, which is backed by A-rated Lloyd’s security, is said to be committed to developing IPI in the UK broker sector – with the scheme designed to help brokers attract new clients from the likely fast-growing market.
“The latest government study shows that 70% of a typical company’s value lies in its intangible assets,” noted OPUS managing director Sam Bobo. “With this package, brokers now have a real opportunity to consider IPI as a future market and GWP (gross written premium) generator.
“We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product.”