Intellectual property (IP) insurance is key to supporting your business when defending itself against claims of IP infringement and can help you pursue those who are infringing on your patent, copyright or trademark. Our team of intellectual property insurance specialists will help you understand what your IP is and help you protect this valuable, intangible asset.
Who we support
Innovators and entrepreneurs
Life science and biotech companies
Digital healthcare and medical device businesses
Technology and software creators and developers
Product designers, engineers and manufacturers
We're specialists in intellectual property insurance...
Through our collective experience, we’ve observed many of the best and worst practices in the insurance advisory market. We’re here to challenge the status quo and aim to establish a new level of service. We’re combining the best traditions of technical advice and client centricity, with modern thinking and smart use of systems and technology to enhance the client experience and create a dynamic workplace for our team.
Challenges in your industry
Intellectual property is an intangible business asset that often helps set companies apart from their competitors. Covering inventions and algorithms to products, manuscripts and designs including a name, image, symbol or logo, intellectual property rights allow the original creator to apply for legal protection of their IP in the form of a patent, copyright or trademark
Unfortunately, few businesses know precisely what their IP is worth, or how to protect it.
How we support
A claim of IP infringement can have a devastating impact on a firm’s finances and reputation.
Intellectual property insurance is key to supporting your business when defending itself against claims of IP infringement and can help you pursue those who are infringing on your patent, copyright or trademark.
Your business performs
Protecting your business with intellectual property insurance can help fund legal action against an infringer or defend a patent’s validity. Simply having IP insurance in place can be a powerful deterrent to any potential infringer.
What is intellectual property insurance?
Intellectual property is a broad term used to describe the legal rights arising out of intangible creations and assets, such as a product or process, a piece of software, a brand or even a customer database.
Intellectual property insurance provides cover for claims alleging infringement of IP rights, including patents, trademarks, copyright and trade secrets. It can also provide cover for contractual indemnities, the enforcement of IP rights and the costs associated with loss of IP rights or loss of profits.
Intellectual property insurance is usually best arranged as a stand-alone policy. Some professional indemnity insurance policies do include an element of IP insurance, but often with specific exclusions for patents and trade secrets.
What does intellectual property insurance cover?
These are the key areas that intellectual property insurance can provide cover for:
A good IP insurance policy will cover the costs of defence against infringement allegations and out of court settlements, or damages. The defence cover also includes cover for contractual liability as well as contract breach allegations made by contract parties.
Pursuing IP infringement can be very costly, and not every business can afford to protect their IP by taking legal action. IP infringement pursuit cover provides for the costs incurred enforcing IP rights against third-parties.
Invalidation challenges from third parties are often an uninsured exposure and can be very costly to resolve unless there is IP insurance in place.
When you make an application to register your IP, it is impossible to know whether the application is going to be of concern to other businesses. Resolving IP opposition issues can cost thousands in legal expenses, but IP insurance can cover this risk.
If a contract is breached and your IP is infringed, you could take legal action to resolve the breach of contract. This can be expensive, complicated, and time-consuming – but can be covered by IP insurance that includes breach of contract pursuit cover.
If your IP rights are revoked or invalidated because of infringement, this can have a huge impact on your business. IP insurance can provide cover to reimburse fees that you paid to register and maintain the IP right.
The inability to use an IP right can be a significant loss to your company’s activity. Therefore, you should consider cover for the loss of potential future income.
The insurance will only cover claims which the insured was not aware of at inception.Â
