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.”
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