The importance of Intellectual Property Insurance
Intellectual property refers to creations of the mind and can include inventions such as logos, branding, artwork, designs, coding, literary and much more. The games industry is highly competitive and it’s important for developers and creators to protect their work from potential infringement caused by industry competitors.
With new games, software and ideas always in the pipeline it’s essential for businesses to have the right Intellectual Property Insurance in place, to ensure that they can defend themselves against any possible claims. Without Intellectual Property Insurance competitors could cause financial problems to companies who cannot fund the costs made against them.
Our product covers:
- Enforcement Insurance
- Inventpro Enforcement Insurance
- Defence Insurance
- IP Business Interruption Insurance
- Unauthorised Disclosure Insurance
- Troll Defence Insurance
- Post Grant Patent Defence Insurance
- Collateral Protection Insurance
Your cover can include:
A unique, plaintiff’s policy to help your customers pay the cost to enforce Intellectual Property rights.
A starter Enforcement Policy for inventors, start-ups and small companies with limited Intellectual Property.
The solution to the gap left in traditional insurance policies for Intellectual Property risks to help your customers pay the cost to defend charges of IP infringement.
A first-party coverage, business interruption policy due to the loss of the insured Intellectual Property litigation.
Coverage for the unintentional exposure of a third party’s entrusted confidential information.
Specifically covers infringement charges brought by pre-identified patent trolls and/or troll-related patents.
Provides coverage for inventors by paying the legal costs of responding to AIA (American Invents Act) actions and maintaining the validity of the patent in question.
The policy allows using patents as collateral for a loan, with loan default covered by the insurance.
Not sure that Intellectual Property Insurance is right for you? To assess your risk, ask yourself the following questions:
- Are there pending or issued patents, trademarks, trade secrets or copyrights?
- Is your company responsible for safeguarding a third party’s confidential information?
- Does your business have sought-after technology on its products and/or processes?
- How competitive is your market space?
- What is your current market share? Are you a threat to an existing competitor?
- Is your company concerned about being involved in an Intellectual Property infringement lawsuit?
- Does your company have the ability to self-insure an Intellectual Property infringement lawsuit?
- Are there up-to-date Intellectual Property risk management strategies in place?
- Does your company have an obligation to contractually indemnify another party against Intellectual Property infringement costs?
- Is insurance required to satisfy the requirement?
- Are measures in place to license products, processes and/or Intellectual Property?
- Is there a recovery plan in place in the event of the loss of an Intellectual Property lawsuit?
- Does your company operate in an industry plagued by NPE/Patent Troll-induced patent litigation?
Get in touch with us today to find out more!