Insurance brokers have a wealth of materials at their disposal. Adding to the multitude of resources is CFC Underwriting, which has published a free-to-download guide to intellectual property (IP) insurance on its website.
“As technology has revolutionised nearly every industry, IP has become one of the most critical assets for today’s modern businesses with many relying on either IP or intellectual capital in their people,” noted IP practice leader Erik Alsegard when the specialist insurance provider launched the guide. “As the value of IP has increased, so have the risks for most companies.”
Alsegard also conceded that IP insurance is a “relatively new area” for many brokers, and that is why the CFC guide includes tips on how they can start the conversation with clients. It also features claims examples showing how an IP policy would respond.
According to CFC, it has the largest dedicated IP insurance underwriting team in London. Its new resource breaks down the subject of intellectual property into what IP actually is, what the risk exposures are as well as the coverage provided by IP insurance, and even the common misconceptions surrounding the product.
“The number of IP disputes that have hit the headlines represent just the tip of the iceberg,” added the practice leader. “While the likes of Apple and Samsung can afford to pursue lengthy patent infringement cases, smaller businesses often lack the resources to properly address or defend themselves.
“Many companies have IP exposures but don’t realise they can buy insurance for it or defend themselves against allegations. Simply bringing up the topic of IP insurance can set a broker apart – and our guide is designed to help them.”