WTW launches intangible asset coverage

Willis Towers Watson PLC said Tuesday it has launched Intangible Asset Protection, a coverage designed to protect businesses from intangible asset losses due to accidental or malicious insider actions.

The coverage applies to non-public, proprietary information such as formulas, processes, algorithms and computer programing code and will initially provide up to $10 million in limits in the first year, backed by Tokio Marine Kiln Insurance Ltd.

WTW’s intangible asset protection will cover accidental or malicious insider actions that result in disclosed, misappropriated, damaged, destroyed or lost intangible assets and associated financial losses.

The protection is designed to close a coverage gap in cyber, property, business interruption and traditional intellectual property insurance, WTW said.

Intangible assets can hold significant value and include intellectual property rights such as patents, trademarks and copyrights in addition to databases, contracts and licensing agreements.