BIBA launches intellectual property insurance scheme with Opus Underwriting
The British Insurance Brokers’ Association (BIBA) has launched a new intellectual property insurance (IPI) scheme with leading specialist underwriter Opus Underwriting Ltd. (Opus).
The new scheme offers competitively priced intellectual property insurance to companies with products, brands and know-how to protect from competitor predators and infringers. Backed by 100% Lloyd’s security through certain syndicates, Opus is committed to developing IPI in the U.K. market where so often there exists a lack of appetite. The Opus scheme – “BIBA IPS 1000” powered by Opus analytics – is designed to remove the obstacles that have for too long impeded the development of this market and to deliver timely and competitive quotes to broker clients.
We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product in recognition of the market leading position OPUS has established in the IPI market in recent years. With this package brokers now have a real opportunity to consider IPI as a future market and GWP generator. We look forward to doing business with them.
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 broker network in this exciting and emerging market. We look forward to seeing the success of this new partnership the months ahead.
0808 164 2575
The BIBA IPS 1000 scheme offers members the following benefits:
- Attractive commission rates for the BIBA community
- Broker access to quick-quote IPI portal
- Fast and efficient referral system for non-standard quotes
- Underwriting and broker support from Opus specialist and dedicated team
- Planned continual product developments
- Access to what is predicted to be a fast-growing market over the next 10 years as tech’ and branding become ever more important assets
Providing your client with the financial muscle when faced with an IP problem
- 1. Access to integral sector and patent ‘landscape’ analytics
- 2. High quality 1st tier capacity
- 3. Sensible range of LOI’s available
- 4. Specialist quality lawyers/solicitors in the event of a claim
Helping Brokers remove historical obstacles in the IPI market - USP’s…
- 1. Broker access to quick-quote IPI portal
- 2. Access to integral sector and patent ‘landscape’ analytics
- 3. Fast and efficient referral system for non-standard quotes
- 4. High quality 1st tier insurers
- 5. Sensible range of LOI’s available
- 6. Specialist quality lawyers/solicitors in the event of a claim
- 7. BIBA single-number helpline for brokers
- 8. Underwriting and broker support from OPUS specialist and dedicated team
- 9. Attractive commission rates for the BIBA community
Notes to editors
About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading insurance intermediary organization representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
52% of all general insurance is sold by an insurance broker and they average 78% of all commercial insurance business.
About OPUS Underwriting Limited
OPUS Underwriting is a specialist underwriting agent truly dedicated to providing leading intellectual property insurance solutions with individual team members who have over 25 years combined experience in this arena. All our expertise and resources are focused on the continued fine tuning and honing of our knowledge base for Intellectual Property. We bring unrivalled product offerings and an innovative approach to making intellectual property insurance easily accessible to small to medium sized enterprises (SMEs) and large corporates.
Our ethos is not to only offer an insurance solution but share experiences that benefit the client, binding OPUS and the insurers in a true partnership.
- Opus Underwriting Ltd. An underwriting agency specialising in IP
- Committed to delivering an IP insurance solution to the UK and world markets
- One of the most experienced IPI teams in the UK
- Access to top-rated international capacity providers
- Opus capacity providers are committed to developing IP insurance in the UK market where so many others lack appetite
- Analytics investment and capability
What is IPI?
Insurance Cover through OPUS underwriting
- Specialist Legal Expenses Insurance (LEI) and indemnity combined
- Defence (Sentry), Pursuit (Sabre) and Revenue Protection (Value)
- A sensible range of LOI’s available
- Brokers have a duty of care to ensure clients are adequately covered. BEWARE! Know from the outset that protecting IP can be expensive but it can keep your client’s business…in business…