According to Biba, the scheme offers competitively priced intellectual property insurance to companies with products, brands and know-how to protect from competitor predators and infringers. The British Insurance Brokers’ Association (BIBA) has teamed with Opus Underwriting to launch an intellectual property insurance scheme. The new scheme will allow insurers and their clients to protect themselves against the risk of patent infringement by using a “smart patent” that can be used in combination with other patents or even existing patents. The policy offers cover of between £100,000 ($130,000) and £1m for specialist legal expenses and financial losses incurred from necessary changes in business following loss of litigation. UK brokers will be able to distribute the product with support from Opus.
The British Insurance Brokers’ Association (BIBA) has teamed with Opus Underwriting to launch an intellectual property insurance scheme. The new scheme will allow insurers and their clients to protect themselves against the risk of patent infringement by using a “smart patent” that can be used in combination with other patents or even existing patents. The policy offers cover of between £100,000 ($130,000) and £1m for specialist legal expenses and financial losses incurred from necessary changes in business following loss of litigation. UK brokers will be able to distribute the product with support from Opus.