Gaps in traditional coverage causing increase in IP exposures
Many clients unaware that intellectual property risks are not adequately covered by traditional insurance products, according to IP underwriter Ian Lewis
Intellectual Property (IP) exposures are dangerously underinsured due to gaps in traditional coverages and many clients are unaware, brokers heard at the inaugural Tokio Marine Kiln (TMK) Intellectual Property Masterclass event.
“Despite costs for resolving IP disputes being at an all-time high and the complexity of cases increasing, many common insurance products exclude or feature inadequate sub-limits for key exposures such as patent infringement and theft of trade secrets,” according to Ian Lewis, IP underwriter at TMK. “Clients are often surprised to hear that standalone IP insurance is available to cover these gaps.”
Commenting on the common misconceptions and the increasing threat of intellectual property disputes, Lewis said: “Every day trading creates IP risk. Today, a business does not even need to own intellectual property rights such as patents or trademarks in order to be accused of infringing another company’s IP.”
During the event, a panel of experts including TMK’s enterprise risk team and intellectual property lawyer Peter Langley, from Origin, simplified the complexities of the risks and the insurance that is available to address them. TMK’s intellectual property offering covers patent, trade secret, copyright and trademark risk as headline coverages with a limit of up to US$25m; the largest capacity in the Lloyd’s market.
Acknowledging some of the perceived complexities of the risk, the panel urged brokers not to be afraid of engaging with their clients on intellectual property and encouraged them to work with TMK to aid their understanding and obtain support. “As an industry we need to do a better job of explaining IP exposures to our clients and informing them of the protections that are available,” Lewis concluded.
The masterclass is part of a series of events led by TMK to inform the market about IP risks. For more information about these events or about TMK’s intellectual property insurance products and services, contact marketing@tokiomarinekiln.com
Media contact
Laura Guerin
Tokio Marine Kiln
+44 (0)20 7767 2111
laura.guerin@tokiomarinekiln.com
About Ian Lewis
Ian Lewis is Intellectual Property Underwriter at Tokio Marine Kiln (TMK), responsible for leading and delivering TMK’s IP strategy and managing its exposures. He has more than 27 years’ experience in assisting businesses from start-ups to multi-national corporations in protecting themselves against the financial impact of IP related exposures and has advised various national and regional governmental bodies and trade associations.
Ian joined TMK in 2014, where he underwrites all forms of IP litigation, liability, transactional, consequential and financial loss exposures globally.
As well as proactively working with clients and customers to shape and develop products that meet their changing needs, Ian is regularly quoted in the insurance press as an expert on intellectual property risk, has authored a number of articles and speaks at many industry events.
About Tokio Marine Kiln
Tokio Marine Kiln is a leading international provider of specialist and corporate insurance for clients within the Lloyd’s and Company markets. Formed in 2014 through the integration of Kiln and Tokio Marine Europe, Tokio Marine Kiln has been founded on empowered expertise and the strength of its relationships.
As part of one of the world’s largest insurance groups, Tokio Marine, we empower our people in 20 cities around the world to protect customers against complex and ever changing risks. We have four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident, Health & Life; and Reinsurance, which are complemented by a first class claims team and an expert risk engineering service.
Tokio Marine Kiln benefits from exceptional financial strength with Standard & Poor’s ratings of A+ attributed to its Company platform its four managed syndicates at Lloyd’s. For more information, visit www.tokiomarinekiln.com