Intellectual Property and Media Liability

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The Betterley Report: Intellectual Property and Media Liability Insurance Market Survey—2018

2018 Report Highlights

19

insurers analyzed

55

pages of charts

Market Information for Each Insurer Based on Three Categories:

  • Targeted Insureds by Size
  • Targeted Insureds by Industry
  • Prohibited Insureds
Updates inside the full report include the following.
  • 55 pages with 12 different kinds of charts comparing 19 of the most prominent insurers writing intellectual property and media liability insurance
  • An examination of how social media activities are impacting risk
  • A look at possible points of convergence between intellectual property (IP), media, and other forms of cyber liability
  • An analysis of the factors contributing to a low penetration rate in patent infringement insurance
  • A review of the options available to defendants in a patent infringement scenario
  • A look at the difficulties inherent in addressing IP exposures in a commercial general liability (CGL) policy
  • Examples of useful coverage extensions available for media liability policies
  • An overview of the three basic types of IP policies
  • A focus on the areas where written premium is growing in the IP market
  • An analysis of how coverage concerns differ for three different types of media liability insureds: producers of multimedia, content distributors, and publishers/broadcasters
  • A look at areas of potential market growth in media liability coverage
  • A review of the coverage differences between enforcement policies and defense policies in the IP market

Why The Betterley Report?

Agents and Brokers—Sell more and grow revenue by pinpointing errors in competitors' policies/proposals.
Risk Managers and Insurance Buyers—Identify, eliminate, or avoid coverage gaps with coverage comparison charts.
Underwriters—Research competitors with quick policy comparisons.
Attorneys—Keep up with year-to-year trends in policy form development.
Consultants—Identify markets and match them up to your clients' needs.

Imagine that you or your client, a medium-sized business, is debuting a new piece of software that has been years in the making. Suddenly, after a successful month of sales, a shock comes in the form of a massive lawsuit for infringement of IP from a competitor who happens to be one of the biggest players in the industry. They claim that their ideas were stolen, and they have the legal team and other resources to make a serious case.

Alternatively, imagine a social media manager who "borrows" heavily from a competitor's white paper, using the information to post a detailed article on LinkedIn.

Again, a lawsuit follows, and suddenly your company or your client is incurring exorbitant defense (or settlement) costs.

  • "What are the best insurance products available to protect against this circumstance?"
  • "How can financial losses be minimized?"
  • "How could my company (or my client) have been better prepared for this liability?"

Depending on whether you are the risk manager, the agent or broker, the consultant, or any other role, these are likely the questions you are asking yourself. In today's technology-driven and media-focused environment, essentially any company using the Internet is faced with the types of IP and media exposures alluded to in the scenarios above.

The "Intellectual Property and Media Liability Insurance Market Survey—2018" edition of The Betterley Report compares and contrasts the options available in the insurance marketplace to address scenarios like this and sheds light on the specific knowledge that can help any risk management and insurance professional better address IP and media exposures.

Following a general overview of the state of the IP and media liability insurance market, the report dives into the trademark feature offered in each edition of The Betterley Report: More than 55 pages of incomparably detailed charts comparing 19 of the leading IP and media liability insurers. These comparison charts allow readers to see how each of the 19 insurers stacks up with the others in terms of the following.

12 types of insurer comparison charts available in full report:
  • Contact and Product Information
  • Product Description
  • Market Information
  • Limits, Deductibles, Coinsurance, and Commissions
  • Policy Type, Who Is Insured, Definition of Claim
  • Claims Reporting, Extended Reporting Period, Selection of Counsel, Consent To Settle
  • Patent Infringement Abatement Coverage
  • Patent Infringement Defense Coverage
  • Media Liability Coverage
  • Patent Infringement Exclusions
  • Media Liability Exclusions
  • Risk Management Services

Sample Market Information from the Full Report

Below is a small sample of the information that is available for each of the 19 insurers via the 22 different types of charts included in the full report.

Market Information
Carrier Product Target Market and Size of Insured Prohibited Insureds Prohibited States of Countries
Hudson The Disseminator Content Liability Accounts with revenues of $100,000 to $500 million including ad agencies, broadcasters, publishers, film and program producers, public relations, local cablecasters, regional newsletters, regional newspapers, other media companies Advertisers, authors, music labels N/A
Limits, Deductibles, Coinsurance, and Commissions
Carrier Product Limits Available (Minimum & Maximum) Deductible (Minimum & Maximum) Coinsurance (Minimum & Maximum) For Patent Only, Does Insurer Share in Award (Abatement Coverage)? Commission Range
Tokio Marine Kiln All Up to $25 million Minimum of $10,000 No maximum None – 15% No, other than repayment of litigation expenses paid by us in the action, but ONLY if a recovery/settlement or damages are made in favor of the Insured Negotiable
Media Liability Exclusions
Carrier Unfair Competition Antitrust, Restraint of Trade, or Price Fixing Regulatory Proceedings Fraudulent or Criminal Acts Unsolicited Electronic Communications Professional Services for a Fee
Beazley Yes, unless based on infringement of copyright, trademark, trade dress, domain name, title or slogan Yes Yes, unless offered by endorsement under privacy liability, regulatory defense and penalties. Yes, but coverage remains for defense costs until final adjudication or admission Yes, but only with respect to claims arising under computer security and privacy liability insuring agreements No

Your Objective Source: A Renowned Industry Expert

rick_betterley_186x175Richard S. Betterley, LIA, is the president of Betterley Risk Consultants (BRC), an independent insurance and alternative risk management consulting firm. BRC, founded in 1932, provides independent advice and counsel on insurable risk, coverage, alternatives to traditional insurance, and related services to corporations, educational institutions, and other organizations throughout the United States. It does not sell insurance or related services.

Mr. Betterley is a frequent speaker, author, and expert witness on specialty insurance products and related services. He is a member of the Professional Liability Underwriting Society. Mr. Betterley began his role with BRC in 1975.

Mr. Betterley created The Betterley Report in 1994 to be the objective source of information about specialty insurance products. Now published six times annually, The Betterley Report is known for its in-depth coverage of management liability, cyber risk, technology, intellectual property, and media insurance products.

More recently, Mr. Betterley created The Betterley Report Blog on Specialty Insurance Products, which offers readers updates on and insight into insurance products such as those covered in The Betterley Report. It provides him with a platform to more frequently and informally comment on product updates and newly announced products, as well as trends in the specialty insurance industry.

Next Issue: June 2018

Cyber/Privacy Insurance Market Survey

The Betterley Report is distributed by International Risk Management Institute, Inc. (IRMI) and may be accessed by subscribers on IRMI Online. To purchase a subscription, call IRMI Client Services at (800) 827–4242 or learn more on IRMI.com.

Betterley Risk Consultants is an independent insurance and alternative risk management consulting firm. Founded in 1932, it provides independent advice and counsel to corporations, educational institutions, and other organizations throughout the United States. It does not sell insurance nor provide insurance-related services.

Betterley Risk Consultants, Inc.
Thirteen Loring Way • Sterling, Massachusetts 01564–2465
Phone (774) 262–3460
email: [email protected]

The editor has attempted to ensure that the information in each issue is accurate at the time it was obtained. Opinions on insurance, financial, legal, and regulatory matters are those of the editor and others; professional counsel should be consulted before any action or decision based on this matter is taken. Note: all product names referred to herein are the properties of their respective owners.

The Betterley Report is published six times yearly by Betterley Risk Consultants, Inc. This material is copyrighted, with all rights reserved. ISSN 1089–0513

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