Policy available via brokers in the UK and internationally.

Liberty Specialty Markets (LSM) has launched a product aiming to prevent contract negotiations between businesses stalling because of concerns relating to intellectual property (IP).

LSM, part of Liberty Mutual Insurance, said its Intellectual Property Contractual Liability Insurance will be sold via brokers in the UK and internationally.

The firm detailed that the policy had been designed to provide a solution for IP indemnification issues that could otherwise delay or end a potential contract.

The product is based on LSM’s existing IP insurance, but the provider noted it had been streamlined to speed up the application and underwriting process.

According to LSM, it covers both the sale and purchase of the right to use a product or service and will be underwritten by its London-based IP team.

Disputes
Camilla Walker, LSM’s Underwriter, said: “This product is relevant to any contract in which intellectual property is addressed, across a wide variety of sectors including engineering, technology, packaging and software development.

“Effectively, it indemnifies a business against IP-related disputes that could arise based on products or services provided under a contract or licencing agreement.

“The requirement to provide this indemnification within contracts is something we’re seeing much more frequently.”

Walker stated that the product was developed to provide specific, lower cost coverage with a quick application process.

She continued: “The coverage acts as a business enabler, giving clients the opportunity to enter into revenue generating deals they otherwise would not have been able to, or to negotiate better terms and conditions within contracts through settling the issue of IP indemnification in this manner.”

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