Advertising Injury insurance cover - Insanely expensive?
Discussion
Just been given this years business insurance renewal, a jaw dropping £4000 to cover two guys in a shed creating car art under license to a couple of manufacturers.
Those manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
Those manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
I've been a commercial insurance broker for 25 years and never heard of it.
My first thought is it sounds like an Americanism for what will be a standard prt of professional indemnity to the media markets.
Is there any chance you can email me your schedule for me to take a look at it for?
My first thought is it sounds like an Americanism for what will be a standard prt of professional indemnity to the media markets.
Is there any chance you can email me your schedule for me to take a look at it for?
Yup, I was right
"A general liability coverage, combined in standard commercial general liability (CGL) policies with personal injury (PI) coverage, that insures the following offenses in connection with the insured's advertising of its goods or services: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas."
This should be able to be accommodated under a media PI policy with a side letter from your broker spoon feeding your presumably American clients that it's the same thing
If you need a hand Pm me
"A general liability coverage, combined in standard commercial general liability (CGL) policies with personal injury (PI) coverage, that insures the following offenses in connection with the insured's advertising of its goods or services: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas."
This should be able to be accommodated under a media PI policy with a side letter from your broker spoon feeding your presumably American clients that it's the same thing
If you need a hand Pm me
Kozy said:
Just been given this years business insurance renewal, a jaw dropping £4000 to cover two guys in a shed creating car art under license to a couple of manufacturers.
Those manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
Yes we have it through a specialist Broker CHARLES MILNESThose manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
Charles Milnes & Company Limited
16 - 29 Andrews Road
London E8 4QF UK
Direct Dial: + 44 (0) 20 7923 4655
www.charlesmilnes.co.uk
www.intellectual-property-insurance.co.uk
Insurer is Hiscox
Kozy said:
Just been given this years business insurance renewal, a jaw dropping £4000 to cover two guys in a shed creating car art under license to a couple of manufacturers.
Those manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
Cant help with the insurance but sitting in your shed on the Isle of wight drawing cars sounds like a very nice job!Those manufacturers for which we produce products under license stipulate that we must have 'Advertising Injury' insurance cover in place with the manfuacturers as named parties on the policies, sadly it seems only one company in UK actually provides this and at a cost which is 5% of our annual turnover.
Does anyone else have this kind of insurance? The costs are prohibitively expensive and I am wondering if they are well above what we should be paying for this kind of cover.
insurance_jon said:
I've been a commercial insurance broker for 25 years and never heard of it.
My first thought is it sounds like an Americanism for what will be a standard part of professional indemnity to the media markets.
Is there any chance you can email me your schedule for me to take a look at it for?
It's ridiculous, it's definitely an american thing but they absolutely will not budge on it, it is an absolute requirement of the license but costs 4x what our annual guaranteed minimum is.My first thought is it sounds like an Americanism for what will be a standard part of professional indemnity to the media markets.
Is there any chance you can email me your schedule for me to take a look at it for?
I'll send you an email.
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