New AON Underwriting Platform Focuses on Intellectual Property Risks

Businessman protecting floating brain between his hands

May 13, 2020 |

Businessman protecting floating brain between his hands

Aon has launched a new underwriting platform offering what the company says is the largest known delegated capacity for intellectual property (IP) liability risks.

Ian Lewis recently joined Aon to lead the development of an underwriting team and the creation of a portfolio of risk transfer solutions for IP and other intangible asset risks to be offered by the new managing general agent (MGA).

In 2018, Aon announced the development of an insurance facility providing $100 million in capacity for IP infringement liability exposures, backed by leading Lloyd's syndicates and led by Tokio Marine Kiln (TMK). Mr. Lewis previously led that effort for TMK.

Aon has now opened the first phase of development of its IP MGA with an IP liability solution that includes primary indemnity limits up to $100 million or €100 million; policies placed on an annual, claims-made basis that can include coverage for contractual indemnities to customers/licensees; and coverage options for third-party infringement defense, including certain litigation costs, damages, and loss mitigation.

Other features of the new platform include coverage that can be underwritten on a comprehensive portfolio or selected products/IP basis inclusive of patents. The coverage automatically includes suits from competitors, patent assertion entities, nonpracticing entities, and copyright trolls.

Coverage is available with worldwide territorial and jurisdictional limits, Aon said, with a coverage option for trade secret misappropriation.

Aon's target markets for the IP coverage platform include businesses of all sizes from small and medium-sized enterprises to multinational corporations in North America, Europe, Australia, New Zealand, and parts of Asia.

May 13, 2020