Global broker WTW has announced the launch of a financial product targeting clients looking to protect their intangible assets.
WTW said its new Intangible Asset Protection (IAP) product is the first of its kind and fills a coverage gap in the market. The broker is partnering with Tokio Marine Kiln on the product.
An intangible asset is one that is not physical but can hold significant value, and which can be created, transferred, bought or sold. Examples of intangible assets include intellectual property rights, formulas, processes, research and development testing, computer programming code and more.
WTW’s IAP coverage closed a coverage gap in cyber, property, business interruption, and traditional intellectual property insurance, the company said. IAP is a customized insurance offering that will initially cover non-public, proprietary intangible assets from accidental or malicious insider actions resulting in disclosed, misappropriated, damaged, destroyed or lost intangible assets.