BIBA Conference 2019
Opus partners BIBA to provide specialist legal expenses cover backed by A-Rated capacity.
The British Insurance Brokers’ Association (BIBA) has launched an intellectual property insurance scheme with specialist underwriting agent Opus Underwriting.
According to BIBA, the scheme offers competitively priced intellectual property insurance to companies with products, brands and know-how to protect from competitor predators and infringers.
The cover is also designed to help businesses defend themselves should they inadvertently infringe on others’ styles and copyright.
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.”
BIBAa detailed that the policy offers specialist legal expenses cover for pursuit and defence costs, which protects from the often devastating effects of litigation. In addition, it has been developed to cover the financial losses incurred when changes to a business are needed after losing a case.
A statement read: “Backed by A-rated Lloyd’s security, Opus is committed to developing intellectual property insurance (IPI) in the UK broker sector. This scheme will allow brokers to attract new clients from what is predicted to be a fast-growing market as ‘tech’ and branding become ever more important assets.”
The BIBA IPS 1000 scheme offers members the following:
- Comprehensive and reliable cover – between £100,000 and £1m
- A quote and buy IPI portal offering instant quotes and documentation
- Access to ‘landscape’ analytics to carry out IP due diligence and licensing checks for clients
- Fast and efficient referral system for non-standard quotes
- Specialist lawyers/solicitors in the event of a claim
- Underwriting and broker support from Opus specialist and dedicated team
Sam Bobo, managing director of Opus Underwriting, added: “The latest Government study 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.”
Opus Underwriting will be attending the annual BIBA conference and exhibition at Manchester Central on the 15th and 16th May.
Please come and visit us at stand G79.
We would be delighted to talk to you about our specialist, intellectual property insurance lines and our partnering to create tailor made solutions for your clients.