Multi-Peril Intellectual Property (MPIP)
The Multi-Peril Intellectual Property Reimbursement rider (MPIP) provides first party coverage for loss of value because of adverse intellectual property (IP) happenings such as Business Interruption, Loss of Commercial Advantage and the Cost of Redesign, Remediation & Reparations. These adverse happenings are in the form of legal actions by or against IP owners and/or third parties.
$50K (USD) per Claim/Aggregate or 10% of Policy limits, whichever is less, automatically included as a Rider to the standard IP Abatement or Defense Insurance Policy. For an additional premium, limits in excess of $50K are available up to $1M; higher limits may also be available for an additional premium.
The MPIP rider responds after the final adjudication of a civil proceeding that directly caused or established the loss of value.
The customer base is IP holders or third party beneficiaries who are likely to purchase the enforcement product; or on the defense side, IP holders or third party beneficiaries, any manufacturer or entity in the chain of commerce which is subject to being sued for IP violations.