CHICAGO (June 26, 2018) – Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions, announces an insurance solution designed to meet the changing needs of clients’ intellectual property liability. This is the latest offering in Aon’s suite of integrated IP capabilities following the recent announcement of its newly formed IP Solutions group as well as the acquisition of IP firm 601West.
With nearly 85 percent of the value of the S&P 500 represented by intangible assets, a company’s IP, which includes patents, copyrights, trademarks, trade secrets and know how, can be some of its most valuable assets. While IP is critical to helping organizations innovate, differentiate and gain market share, the increasingly litigious environment that comes with it can create an extensive, cash-intensive burden for IP holders.
“Considering the current IP environment, the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher,” said Lewis Lee, CEO of IP Solutions at Aon. “Historically, the limited data and analytics available to the underwriting community has meant higher retentions, deductibles and co-insurance requirements for potential policyholders, limiting the value insurance can bring to the world of IP.”
Utilizing patent litigation analytics, predictive modeling techniques and innovative distribution strategies, Aon has developed a client-focused, holistic approach to IP, which includes meaningful IP liability insurance capacity. This includes*:
- Primary limit of indemnity of up to $100M in capacity available per policy, subject to qualification;
- Policies placed on an annual, claims-made basis that can include coverage for contractual indemnities;
- Coverage options for third-party infringement defense, including certain litigation costs, damages and loss mitigation;
- Coverage that is underwritten with a comprehensive portfolio view of products/IP of the insured on a global exposure basis;
- Data-driven risk assessment, placement efficiency, adequate capacity, process simplification and pre- and post-incident response support.
“Infringement suits brought by a competitor can result in significant losses or even jeopardize the future existence of a company,” added Lee. “When not properly managed, the cost of patent litigation, regardless of whether your side wins, can be sizable. Building and protecting a valuable IP portfolio while minimizing IP risks will help a company attract and retain investors as well as strategically stay ahead of its competitors.”
For more information on Aon’s IP insurance solutions, visit https://aon.io/2IXcyrq
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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*All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Coverage is governed only by the terms and conditions of the relevant policy.