The small yet complicated niche of patent and intellectual property insurance has seen more interest lately as patent claims rise and companies look to protect their ideas or company trade secrets from so-called patent trolls and infringement lawsuits.
Executive Summary
Agents and brokers discuss the need to educate insurers—and customers—about the growing need for intellectual property insurance coverage, noting that while potential insureds now recognize IP management as a top risk, the insurance market has been limited because carriers are wary of profit challenges.While IP insurance is becoming more important, the insurance market has had a hard time accepting this risk, although that could be starting to change, say experts.
CEOs report managing their intellectual property as one of their top risks because they have begun to recognize it is one of their most valuable assets, says Sarah Benolken, executive vice president and Global Tech/Media/Telecom Practice Leader for Willis.
