Announcements

  • AHT Insurance Welcomes Karen Dobson as Director of International Programs

    AHT Insurance is pleased to announce the addition of Karen Dobson to the AHT team as Director of International Programs, based at our headquarters in Leesburg, VA. Read the full press release.
  • Chubb Cyber Podcast

    Chubb has recently launched a podcast on cyber risk that is very good. The episodes are short (10-15 minutes) and the quality of content and production is very high. Two Thumbs Up!
  • Sodinokibi Ransomware

    A new ransomware is causing major issues for Managed Service Providers (MSPs). Essentially the attacks are exploiting vulnerabilities in remote management and monitoring software.   Where security patches are not up to date or where the MSPs have not enabled multifactor authentication as a security measure seem to be the cause of the problem.  Seems to be a rising trend so would be worthwhile raising this to any one with a large tech portfolio given that the MSPs providing the service are facing some very troubled customers who are unable to access their network!  Some more info from CFC Underwriting via the attached link.
  • Ambridge IP Insurance Market Update.

    In April 2019, The Betterley Report published its Intellectual Property and Media Liability Insurance Market Survey – 2019.  (Available in the TechAssure Resource Library) The report is sub-titled “A Stable Market Despite a Glaring Need for Protection.”  The Report summarizes the product offerings for the limited number of underwriters in the product segments.  This year Ambridge is honored to have our new IP policy included in the survey. 

     

    In the Report summary (page 9) the author asks the important question – “Why isn’t more IP insurance bought?  Frankly, we are puzzled.  Is it because…”

     

    Limits available are not high enough to protect against catastrophic loss

    Negotiating coverage is cumbersome

    IP counsel does not think the coverage is necessary (or does not want to lose control over litigation)

    Coverage isn’t necessary as IP rights are strong

    Coverage is not well known

     

    Per the bullet points below, and as you will see in our coverage highlights in the Report, Ambridge has worked hard to develop an IP product that addresses as many of these common sales objections as possible –

     

    1. Ambridge has the ability to provide limits of liability up to $79 million

     

    1. Ambridge has developed an efficient underwriting process

     

    • Broker provides initial information regarding prospective client and/or product(s)
    • Ambridge utilizes a streamlined application (and also quotes off of competitor versions)
    • Non-binding indication normally provided within three business days
    • Formal underwriting utilizing application, proprietary databases, legal analytics, information requests and client call typically completed within one-two weeks

     

    1. Ambridge IP policy form includes choice of counsel

     

     

    Other highlights of the Ambridge product include 

     

    Covered IP includes patents, trademarks, copyrights and in limited cases trade secrets

    Defensive coverage for claims brought by all third parties

    Average rates between 1% and 3.5% of the limit purchased

    Average retentions, depending on industry, range from $25,000 to $2 million

    We generally do not charge an underwriting fee

    Jurisdiction specific or worldwide coverage

    Policies written on an annual, renewal basis

     

    Additional information to keep in mind as you are speaking with your clients about their IP exposures -

     

    What is driving the need for stand-alone IP Policies?

     

    Since 2000, the annual number of US utility patents issued has more than doubled, climbing to over 315,000 in 2017

    The PwC 2017 Patent Litigation Study reported that in 2016 the median patent damages award was $6.1 million

    Other insurance products are not designed or underwritten to provide robust IP coverage

    Currently 60% of tangible assets (such as property, plant, and equipment) are insured and only 12% of intangible assets (IP)

    From 1836 to 1991, five million US patents were issued – in 2018, only 27 years later, the ten millionth patent was issued

     

    Industries with the strongest interest in our IP policy

     

    Software & IT services

    Manufacturing & Industrial goods

    Household and personal goods

    Automobiles & parts

    Agricultural products & machinery

    Industries comprised of companies whose operating strategy includes licensing their IP to others and as a result owe an indemnity obligation to the licensee

     

     

    The link to claim your free copy of the report is attached below –  courtesy of Ambridge Partners you will only need to enter your name and email address to obtain a copy of The Betterley Report – 2019 IP and Media Edition  

     

    https://www.irmi.com/free-resources/authoritative-reports/betterley-report-ambridge-partners-llc