Specialist insurer Tokio Marine Kiln (TMK) has announced the launch of intellectual property abatement insurance for clients in the US. The product will be available for micro-enterprise and small to medium-sized clients with revenues under $1 million.
The product targets start-ups holding intellectual property rights. The abatement add-on product will cover legal representatives’ fees and legal expenses incurred by organizations aiming to protect their intellectual property rights, TMK said. It will feature coverage limits of up to $3 million.
The new product complements TMK’s IP Infringement Defense product, which has been available in the US for nearly a decade. TMK also launched its IP Rights Protection product in the US last year. This product covers the cost of defense if a third party challenges rights in, or ownership of, intellectual property within an IP portfolio.
“This is another new product offering by the IP team at TMK, which is indicative of our commitment to meeting our customers’ changing needs,” said Aoife Woulfe, head of intellectual property at TMK. “We are already writing IP enforcement worldwide, excluding the US, and we are excited to bring our expertise and financial strength to customers in the US market.”
