CHICAGO, IL (STL.News) Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced the establishment of a new underwriting platform featuring the world’s largest known delegated capacity for intellectual property liability risks.
It is the latest offering from Aon to meet the changing needs of clients’ intellectual property (IP) exposures, especially in this distressed economic environment.
Ian Lewis, a recognized underwriter in the field of IP, recently joined Aon to spearhead the development of a strong, market-leading underwriting team and the creation of a portfolio of innovative risk transfer solutions for IP and other intangible asset risks to be offered by this Managing General Agent (MGA).
“We are investing aggressively to bring together market-leading experts from the IP world to best serve our client needs,” said Lewis Lee, CEO of IP Solutions at Aon. “Considering the current economic environment, the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher, and the timing of Aon’s IP MGA could not be better for our clients.”
In 2018, Aon announced the development of an insurance facility providing market-leading levels of capacity ($100 million) for IP infringement liability exposures, backed by leading Lloyd’s syndicates and led by Tokio Marine Kiln (TMK). Lewis previously led that effort for TMK.
This milestone opens the first phase of development for Aon’s IP MGA with an IP Liability solution featuring:
- Primary limit of indemnity of up to $100 million (€100 million)
- Policies placed on an annual, claims-made basis that can include coverage for contractual indemnities to customers/licensees
- Coverage options for third-party infringement defense, including certain litigation costs, damages and loss mitigation
- Coverage that can be underwritten on a comprehensive portfolio or selected products/IP basis inclusive of patents
- Coverage automatically includes suits from competitors, Patent Assertion Entities (PAEs), Non-Practicing Entities (NPEs) and copyright trolls
- Coverage available with worldwide territorial and jurisdictional limits
- Coverage option for Trade Secret Misappropriation
- Target markets include businesses of all sizes from SMEs to multi-national corporations in North America, Europe, Australia, New Zealand and parts of Asia
“Having worked with Aon’s IP Solutions data analytics, risk modelling and due-diligence teams over the past few years from the insurer side, I know that our ability to provide enhanced product solutions, with improved rating supported by robust underwriting, is unrivalled,” said Lewis, Global Head of IP Underwriting Solutions at Aon.