International General Insurance Holdings Limited (IGI) is expanding its portfolio of business with its launch of intellectual property (IP) insurance.
The insurer will be launching the new product at an industry conference in London on 15 May.
IGI said the new class of business has been introduced to complement its legal expenses offering which provides coverage for both before-the-event (BTE) and after-the-event (ATE) legal expenses insurance. The cover will also offer wide protection for patents, trademarks, copyright, design rights and contractual liabilities concerning IP.
In addition, it will cover legal costs and damages for IP infringement and enforcement actions, which can heavily impact any business caught up in an expensive IP dispute.
“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,” said Ms Jo Green, underwriter for legal expenses at IGI.
She added that while the consequences of Brexit for UK businesses remain unclear, companies should be looking to protect their IP – which could be their most valuable asset.
“IP insurance will help in safeguarding UK business post-Brexit. Deal or no deal, IP insurance supports innovation. It 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,” Ms Green said.
IGI is registered in the DIFC with operations in Bermuda, Jordan, the UAE, Morocco, Malaysia, and a wholly owned subsidiary in the UK.