Magazine article Risk Management

Patents, Heavy Metal, Hot Spots

Magazine article Risk Management

Patents, Heavy Metal, Hot Spots

Article excerpt

Patent Protection

Although intellectual property is the most valuable corporate asset for many of today's emerging businesses, it is almost always uninsured. The risk that intellectual property rights may be invalid or unenforceable can make financial and strategic planning difficult for corporations counting on a specific revenue stream. To protect these intangible assets, the Swiss Re Group of Insurance Companies is offering Automatic Patent Validity Insurance, which covers both buyers and sellers of intellectual property for up to $10 million in losses per transaction should the acquired rights later be held invalid or unenforceable by a court of law. The program provides sellers, assignors and the licensors of intellectual property on the Patent & License Exchange indemnification for actual losses up to $10 million if the anticipated transaction revenue--including all up-front fees, annual and milestone payments--is voided by an unfavorable patent validity court decision. For more information, call 626.405.0690 ext.230 or e-mail mglasser@pl-x.com.

Plan Trustee Protector

Fiduciary liability insurance usually contains a number of exclusions and leaves plan assets and personal assets of union trustees vulnerable. But American International Group's Plan Trustee Protector fills these gaps and offers union plan trustees extensive fiduciary coverage. AIG has announced that the American International Companies have introduced liability insurance coverage for the exposures of union trustees, directors, officers and employees responsible for managing union pension and welfare benefit plans. Plan Trustee Protector provides fiduciary protection for plan trustees who face broad liabilities under the Employee Retirement Income Security Act of 1974. For more information, call 212.458. 1424 or visit www.access.aig.com.

Coaches Choice

To help protect sports programs and the people who run them, Gulf Insurance Group announced Coaches Choice, a policy for sports camps, clinics, teams and leagues. It provides general liability for coaches and their staff, excess medical and catastrophic medical for participants and offers flexibility, high medical limits and no aggregate limit on general liability. In the event that a coach has a year-round sports league or a sports camp, the desired coverage can exist on a single insurance policy, as well as accommodating the needs resulting from severe injuries that would exhaust the limits of other plans. …

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