INTELLECTUAL PROPERTY RIGHT
Intellectual Property Right (IP) Insurance is designed for businesses to protect their innovations, trademarks, copyrights, and patents. This specialised insurance provides protection against the financial impact of IP disputes and allegations of infringement.
Why might your business need Intellectual Property Right (IP) Insurance?
RISK AWARENESS
Businesses face the ever-present risk of IP infringement allegations, which can be costly and disruptive. Companies could find themselves more vulnerable during:
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New product launches
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Market expansion
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Fundraising activities
CONTRACTUAL OBLIGATIONS
IP Insurance may be required to fulfil contractual obligations, especially when providing warranties or indemnities of non-infringement to customers or licensees. It offers financial security against potential disputes arising from these commitments.
ENFORCEMENT OF YOUR OWN IP
SMEs often lack the resources to enforce their IP rights. IP Insurance supports these businesses in taking necessary legal action against infringers, which can be a significant deterrent and protection for your brand.
WHAT CAN BE COVERED BY IP INSURANCE?
Infringement Defence Costs
Covers legal expenses incurred in defending against infringement claims.
Enforcement Costs
Assists with costs associated with enforcing your IP rights against infringers.
Invalidation Challenges
An invalidity or revocation action is an attempt by a third party to challenge the validity of an IP right by alleging the right shouldn’t have been granted in the first place.
IP Title Dispute
IP insurance covers legal costs and expenses incurred when resolving a dispute if the insured’s ownership of their IP is challenged by an employee, a third party or any joint parties
Damages & Settlements
Provides coverage for damages and settlements resulting from IP disputes.
Breach of Contract Pursuit
Protects against liabilities arising from IP breaches, warranties or indemnities given under contract.
Loss of an Intellectual Property Right
Reimburse fees that have been paid to register and maintain the IP right.