Intellectual property insurance

Intellectual property is a company or an individual’s most valuable asset. This is why every infringement act can lower down its worth. Hence it is crucial to enforce and defend one’s intellectual property rights. Intellectual Property liability insurance covers the litigation expenses that are incurred while enforcing or defending patents or trademarks or copyrights.

 

Types of Intellectual Property insurance

 

There are two types of intellectual property insurance mentioned below-

 

Infringement defense

 This is the most popular type of Intellectual Property insurance. It covers the policyholders for infringement cases claiming steps against those.

 

Abatement enforcement coverage

 This coverage directly provides the Intellectual Property owners -the financial resources meant for enforcing their IP rights and pursue the available infringement claims.

 

Intellectual property liability

The uprise of digitization and innovations have indicated a large shift in the value of businesses from tangible to intangible assets. Hence the need to protect those assets is growing day by day. As a result of this, Aon has developed a big range of intellectual property tools to help businesses mitigating the risk. It is better to protect the value of one’s business and indemnify those in the lawsuit. As per Mr. Chmielewski (chief broking officer for IP solutions at Aon PLC), there were only four or five managing general agencies or insurers providing intellectual property coverage on a stand-alone basis in the past.

 

Intellectual property-related risks

 

• The Intellectual Property terms and conditions in some development or commercial- agreements done with the third parties
• The publishing activities of the related businesses
• Embracing the open-source software
• Being involved in some certain inter-operability activities of standardization
• Being involved in some new open innovation initiatives
• The usage of the subcontractors

Infringement Abatement Insurance Policy

 

This insurance policy reimburses one for carrying the litigation expenses while one elects to enforce any patents or trademarks or copyrights against an alleged person doing mistakes. This insurance policy pays the legal costs when the intellectual property is challenged by any countersuit for maintaining invalidity in an infringement suit. The liabilities provided by the insurance are- commercial general liability insurance, Media liability insurance, director liability policy, Officers liability policy, representations warranty, Warranties insurance, Cyber insurance, etc.

 

     Infringement Defense Cost Reimbursement Insurance

 

This insurance policy reimburses one for carrying the litigation expenses while one elects to enforce any patents or trademarks or copyrights against an alleged person doing mistakes. This insurance policy pays the legal costs when the intellectual property is challenged by any countersuit for maintaining invalidity in an infringement suit. The liabilities provided by the insurance are- commercial general liability insurance, Media liability insurance, director liability policy, Officers liability policy, representations warranty, Warranties insurance, Cyber insurance, etc.

 

 

 

Additional resources

 

Protection of copyright

Duration and limitation of copyright protection

Indivisibility and Divisibility of copyright

Copyright protection of the games