International General Insurance Holdings Ltd. now offers intellectual property insurance. AmWINS Group Inc. and its newly acquired MGA started a commercial property flood product designed to end out-of-pocket expenses not covered by traditional flood insurance.
International General Insurance Holdings Ltd. (IGI) recently started marketing intellectual property insurance.
IGI said it introduced the new class of business to complement its legal expenses offering, which provides coverage for both before-the-event (BTE) and after-the-event (ATE) legal expenses insurance. The intellectual property cover, which is available to businesses in markets across the globe, will also offer wide protection for patents, trademarks, copyright, design rights and contractual liabilities concerning IP.
In addition, it will cover the legal costs and damages for IP infringement and enforcement actions, which can heavily impact any business caught up in an expensive IP dispute.
International General Insurance Holdings Ltd. is a specialist commercial insurer and reinsurer, headquartered in Dubai with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
AmWINS Group Inc. and its recently acquired property The Flood Insurance Agency have launched a commercial property flood product designed to end out-of-pocket expenses not covered by traditional flood insurance.
Dubbed FloodFLEX, the new policy endorsement increases the loss payable under “Coverage A – Building Coverage” of a commercial flood policy from 10 percent to up to 100 percent. The enhancement allows an insured to select the percentage of additional coverage for a single additional premium payment.
An insured with a FloodFLEX policy will receive two payments in the case of covered flood damage to a building. One addresses the covered flood loss and the other is equal to the selected percentage of flood loss.
AmWINS and TFIA are working with an unnamed “A-rated carrier” to offer this product in 49 states.
Sources: AmWINS Group, International General Insurance Holdings