Updates inside the full report include the
following.
- 75 pages with 12 different kinds of
charts comparing 24 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" 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: Incomparably detailed charts
comparing the leading IP and media liability insurers. These
comparison charts allow readers to see how each of the 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
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
Richard 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 matters
important to the commercial property and casualty insurance industry and its
customers, alternatives to traditional insurance, and related services
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 and joined the firm 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.
Next Issue: June 2019
Cyber/Privacy Insurance Market Survey
The Betterley Report, your independent guide to specialty insurance
products, is a series of six comprehensive reports published annually by
Betterley Risk Consultants and distributed by International Risk Management
Institute, Inc. (IRMI).
The Betterley Report may be accessed by subscribers on IRMI Online
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Betterley Risk Consultants is an independent insurance and alternative risk
management consulting firm. Founded in 1932, it provides independent advice and
counsel throughout the United States. It does not sell insurance nor provide
insurance-related services.
Betterley Risk Consultants, Inc.
235 Forest Lake Rd. • Friendship, Maine 04547
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