Liberty Specialty Markets launches intellectual property cover
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London-based Liberty Specialty Markets, part of Liberty Mutual Insurance Co., said Monday it has launched a new product aimed at preventing stalled contract negotiations between businesses due to intellectual property concerns.
LSM’s intellectual property contractual liability insurance policy has been designed to provide a solution for IP indemnification issues that could otherwise delay or terminate a potential contract, Liberty Specialty Markets said in a statement.
The product is based on LSM’s existing IP insurance but has been streamlined to speed up the application and underwriting process. The product covers in-licensing and out-licensing — both the sale and purchase of the right to use a product or service. It will be underwritten by LSM’s IP team in London and be available globally.
Limits of up to $15 million are available, a spokesperson said in an email.
LSM underwriter Camilla Walker said in a statement that “the product is relevant to any contract in which intellectual property is addressed, across a wide variety of sectors including engineering, technology, packaging and software development.”
The product provides for legal fees, expenses and damages incurred in defending legal proceedings relating to infringement of IP. This could include an IT business licensing the rights to use a piece of technology, but then being sued by a third party claiming that through its use of this technology it is infringing the third party’s IP rights, Liberty Specialty Markets said in the statement.
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