TMK launches IP Abatement Insurance for US-based SMEs

Specialist insurer Tokio Marine Kiln has launched IP Abatement insurance for clients in the US. The product will be available for Micro-Enterprise and Small to Medium size clients with revenues under USD100m.

Target organizations for the product will be startups holding intellectual property rights. The abatement add-on product will cover legal representative’s fees and legal expenses incurred by organizations seeking to protect their filed intellectual property rights and will feature coverage limits of up to $3 million.

The product complements TMK’s IP Infringement Defence product, which has been a core offering in the US for almost a decade.

TMK is a specialist in IP insurance, having launched its IP Rights Protection product in the US last year. This covers the cost of defense should third-party challenge rights in, or ownership of, IP 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. 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.” – Aoife Woulfe, Head of Intellectual Property at TMK.