Willis Towers Watson PLC said Tuesday it has launched intangible asset protection, a coverage designed to protect companies from losses of intangible assets due to accidental or malicious insider actions.
The coverage covers non-public, proprietary information such as formulas, processes, algorithms and computer programming code and will initially provide up to US$10 million in limits in the first year, supported by Tokio Marine Kiln Insurance Ltd.
WTW’s intellectual property protection covers accidental or malicious insider actions that result in disclosed, misappropriated, damaged, destroyed or lost intangible assets and associated financial losses.
The coverage is designed to close a coverage gap in cyber, property, business interruption and traditional intellectual property insurance, WTW said.
Intangible assets can have significant value and include intellectual property such as patents, trademarks and copyrights in addition to databases, contracts and license agreements.
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