Marsh launches IP insurance product

Global insurance broker Marsh has announced the launch of IP Protect, an insurance product tailored to address organizations’ intellectual property (IP) risks.

IP Protect is backed by Ambridge Partners, a managing general underwriter of transactional, complex management liability and intellectual property insurance products. IP Protect provides broad defense coverage for losses relating to patents, copyrights, trademarks, and, by endorsement, trade secrets. More than $60 million in primary coverage is available from Ambridge, and additional capacity is available from excess liability insurers, Marsh said.

“As the importance of IP rights and their related expenditures continue to rise, many organizations have sought an effective solution to protect their IP assets, products, and services, only to find inadequate coverage at a high cost,” said Jason Sandler, a vice president in Marsh’s US Financial and Professional Practice. “With IP Protect, we now are able to provide clients with the broad coverage and meaningful limits they have been seeking, at a more affordable price.”

IP Protect covers:

• The costs of defending against third-party attempts to cancel or invalidate a registered IP
• Defense costs and damages resulting from IP infringement claims brought by third parties
• The insured’s contractual obligations to indemnify its downstream customers against third-party infringement claims

IP Protect is initially available to companies looking to protect US operations with under $2 billion in annual revenue, or to larger organizations looking to insure specific US assets, subsidiaries, divisions, business units, or product or service lines, Marsh said.

“By working with Marsh and investing in our own IP underwriting expertise, we are pleased to be able to support our clients in their innovation and growth endeavors by lending strength and stability to their IP asset portfolios,” said Jeff Crowhey, president and co-founder of Ambridge Partners.