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Marsh USA, Ambridge offer intellectual property policy

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Intellectual property coverage

Marsh USA Inc. on Thursday said it is launching IP Protect, a new coverage for intellectual property backed by managing general underwriter Ambridge Partners LLC.

Coverage is available for assets and companies in North America, Europe, Australia and New Zealand, Jason Sandler, vice president in Marsh USA’s FINPRO practice in New York, told Business Insurance.

“Clients are starting to realize they are mostly built on intangible assets and that those assets are underinsured,” Mr. Sandler said.

More than $60 million in primary coverage is available from Ambridge, the statement said and up to $100 million in coverage is available, Jack Flug, managing director in Marsh USA’s FINPRO practice in New York, told Business Insurance.

IP Protect will provide broad defense coverage for losses relating to patents, copyrights, trademarks, and, by endorsement, trade secrets, the statement said.

Policyholders list that which is to be insured on individual schedules in the policy, Mr. Sandler said.

Organizations of up to approximately $2 billion can cover their entire business, while larger entities may choose to insure a portion of their intellectual property.

“There are going to be specific aspects of their portfolio that they very much want to have covered, and that can be done for those larger entities,” Mr. Flug said.

Ambridge has two dedicated IP underwriters, both of whom were previously litigators in the field, said Mr. Sandler, himself previously an intellectual property attorney.

Intellectual property coverage has garnered increasing attention recently, according to industry sources 

 

 

 

 

 

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