Commercial insurer and reinsurer International General Insurance (IGI) has launched a new intellectual property (IP) product.
The new class of business has been introduced to complement IGI’s legal expenses offering, covering both before-the-event and after-the-event insurance.
The cover, which is available to businesses in markets across the globe, will offer protection across patents, trade marks, copyright, design rights and IP contractual liabilities.
It will also cover legal costs and damages arising from expensive IP infringement and enforcement actions.
Jo Green, legal expenses underwriter at IGI, said: “Having this insurance allows businesses to maintain strength of brand when differentiating their product offering from those of the competition.”
“By providing bespoke coverage and limits of indemnity, IGI can also help businesses to access and compete in international markets alongside larger competitors with greater resources.”
She added. “[IP insurance] provides peace of mind to those who own, trade or license their creations by allowing businesses to exploit their IP in the knowledge that they are insured if they need to defend allegations of infringement or enforce their IP rights against an infringer.”
IGI’s financial results for 2018 showed that the insurer is experiencing a recovery following the most expensive year for catastrophe losses on record in 2017.
It has set a new vision of growth in new and existing markets, putting IGI back in track for another robust performance for the 2018 financial year.