For many businesses, their value lies in what makes them unique. That’s why it’s vitally important to protect the patents, trademarks, copyrights and other intellectual property that makes a competitive and successful business.
The number of lawsuits relating to intellectual property rights has increased significantly over recent years and the protection of an intellectual property policy would cover the defence and pursuit of intellectual property infringement claims, which could be catastrophic for any business.
Intellectual property (IP) insurance solutions are designed to protect an enterprise from the substantial financial risks involved with IP related disputes.
Key features of an intellectual property policy include:
PATENT AND IP INFRINGEMENT LIABILITY
The defence of patent and other IP infringement claims being brought including legal costs, damages, settlements and counterclaims.
CONTRACTUAL INDEMNITIES COVER
This cover facilitates business by allowing smaller companies to agree and meet the contractual indemnities required by their customers.
PURSUIT OF INFRINGERS
Companies spend a great deal of time, energy and money developing their intellectual property. This significant investment should be protected and the costs associated with enforcing rights if someone infringes a valid right and it has a commercial impact can be covered.
LOSS OF PROFIT COVER
Cover for loss of profits can be critical for small and medium-sized businesses with only a single or a small handful of product lines. In the event that an infringement case is lost and it results in an injunction, cover can apply for resulting loss of profits for up to 12 months.
LOSS OF IP RIGHT COVER
Investment in intellectual property costs a great deal. If a right is invalidated as a consequence of infringement action, a policy can repay that investment allowing the company to move onto the next project.
If you wish to discuss this or any further elements of Intellectual Property Insurance, please do not hesitate to contact us.
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