Corona Underwriting partners with RPX
Corona Underwriting, representing the west coast offices of CRC, has partnered with RPX to bring a new patent risk service to the insurance broker segment.
Corona is now distributing the RPX product into the insurance broker segment.
RPX will do marketing, underwriting and claims management services on behalf of a syndicate at Lloyd’s.
Garrett Koehn, president of the NW offices of CRC, said: “The purpose behind this coverage is to make patent risk a reasonable and predictable line item in a company’s budget. Today, that risk is highly unpredictable. We are pleased to be the exclusive provider of this coverage to insurance brokers.”
The company said that threats of patent litigation are largely initiated by non-practicing entities (NPEs). Because the risk has either been uninsurable or extremely inefficient to resolve, the costs from NPE litigation grew to almost $13 billion in 2013.
