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Crown Jewel Insurance and Lloyd’s of London insurer Chaucer Insurance Group PLC on Tuesday launched a policy covering corporate trade secrets.
The policy, Crown Jewel Protector, covers losses from industrial espionage or leaks by insiders, up to the “pre-agreed fair market value of the trade secret,” the companies said in a statement. Crown Jewel expects to have $25 million in capacity available, a spokesman said.
The coverage also includes legal and forensic support after a loss.
Crown Jewel is a Miami-based company affiliated with New York-based managing general underwriter Balance Partners LLC. Chaucer is the lead underwriter for the policy, and the program is brokered by Acrisure LLC’s London-based wholesale unit.