BIBA partners with Opus Underwriting for intellectual property insurance scheme
The British Insurance Brokers’ Association (BIBA) has launched an intellectual property insurance scheme in partnership with specialist underwriting agent Opus Underwriting.
The policy offers specialist legal expenses cover for pursuit and defence costs, which protects from the devastating effects of litigation. It is designed to cover the financial losses incurred when changes to a business are needed after losing a case.
Sam Bobo, managing director of Opus Underwriting, said: “The latest Government study1 shows that 70% of a typical company’s value lies in its intangible assets. With this package brokers now have a real opportunity to consider IPI as a future market and GWP generator. We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product.”
Mike Hallam, head of technical services at BIBA, said: “IPI is a market for todays ‘IP-rich’ economy and has the potential for significant future growth. 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.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Veteran Stephen Catlin launches re/insurance start-up with $1.8bn capital raise
AXA UK remodel places claims roles at risk of redundancy
Canopius seeks Asia expansion with new Australia office
CLS Risk Solutions secures CEO to wake ‘sleeping giant’
Join us at Intelligent Automation & AI in Insurance - 21st May: London
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze