CHES Special Risk has expanded its commercial insurance offerings with a new intellectual property (IP) insurance policy.
The managing general agent says that it is introducing the product to meet the coverage needs of business, particularly as the number of lawsuits related to IP has increased considerably in recent years. The new product helps businesses defend against the event of an IP lawsuit, whether it involves patents, trade secrets, copyrights, and so on.
CHES’ new product will cover IP lawsuit-related costs such as lawyer fees and expenses; damages; injunctions; revocation of intellectual property rights; and product withdrawals. Features of the insurance include coverage for up to $25 million and bespoke add-ons to meet client requirements – such as business interruption coverage following injunction, or costs suffered from amending technology or replacing it.
In November, CHES Special Risk appointed Spencer Denton as the branch manager of its newest office in Vancouver. According to CHES Special Risk CEO Gary Hirst, while CHES has been servicing brokers in the Western region even before opening the new office, it was difficult due to geographical issues – which led to the decision to open a new office in the region to provide immediate underwriting response.
