Insurtech links with Chaucer on trade secrets coverage

Crown Jewel Insurance and Lloyd’s of London insurer Chaucer Insurance Group PLC on Tuesday launched a policy covering corporate trade secrets.

The policy, Crown Jewel Protector, covers losses from industrial espionage or leaks by insiders, up to the “pre-agreed fair market value of the trade secret,” the companies said in a statement. Crown Jewel expects to have $25 million in capacity available, a spokesman said.

The coverage also includes legal and forensic support after a loss.

Crown Jewel is a Miami-based company affiliated with New York-based managing general underwriter Balance Partners LLC. Chaucer is the lead underwriter for the policy, and the program is brokered by Acrisure LLC’s London-based wholesale unit.