Intellectual Property Insurance Services Corp. www.patentinsurance.com. Informal IP, often referred to as a "company's know-how," includes intangible assets such as branding . IP insurance provides cover to businesses who might face allegations of infringement of another party's IP rights; or covering the legal fees and expenses involved in challenging the rights or . Examples of IP misuse may include other companies: Using your software without permission Intellectual property is that which provides the companies a competitive advantage, and in a company, it entails patents, copyrights, trademarks, and trade secrets (Glazier, 2016). Without insurance, you have to use contingency fee attorneys. The fact that our assets are consolidated under one roof makes us institutionally quick: quick to respond and to provide intelligent advice, innovative solutions and efficient claims handling. . To address an organizations' intellectual property (IP) risks, Marsh developed a proprietary defensive intellectual property insurance solution: IP Protect. Our only requirement is that the attorneys have prior first-chair experience in intellectual property litigation in federal court. We insure against inbound lawsuits from patent trolls, competitors, or other litigants who accuse you of infringing their IP assets. This insurance can help cover the costs of litigating intellectual property claims, both offensive and defensive. The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. The originators, who have the rights to the IP, can apply for legal protection in the form . Property Your property insurance will typically only cover you for damage to your tangible property. The pre-existing conditions limitation is an incentive for you to get insurance early well before you run into trouble. Patent enforcement insurance gives you the strength to assert your hard-won patent assets. Intellectual Property insurance has always been considered to be an alien concept its ambiguity and uncertainty of admissibility and protection. *, Importantly, the prevalence of patent defenses filed against technology organizations continued to grow, rising to 45 percent of all cases in 2021. One of the benefits of being an independent broker is that we can pick from many providers so you get the coverage that works best for you. Copyright 2022 Intellectual Property Insurance Services Corporation |, IP Enforcement Insurance coverage helps provide the, IP Defense Insurance coverage helps provide the. Why get IP insurance for your company? Our IP Defense Insurance Policy covers litigation expenses (e.g., court costs, attorney fees, potential damages, and settlements) associated with your company defending itself against a claim of infringement on anothers intellectual property rights. In many cases, a broker can tailor-make your policy so that you eliminate coverage for things you dont need. As more companies in all industries pursue digital transformation agendas and seek to build digital-first business models, this trend is expected to continue. See what employees say it's like to work at Hanna Intellectual Property. Abatement enforcement coverage. Intellectual property (IP) insurance covering the defense or pursuit of infringement claims, contractual indemnities, loss of IP rights and loss of profit. Some companies will for free, as part of your enforcement policy send letters to possible infringers. We insure against infringement/theft/copying of intellectual property, giving you the resources to enforce your IP against competitors, former employees, or other actors. BlueIron will always help you with patent strategy and with evaluating the IP you already have. We offer IP-related insurance from over a dozen different insurance companies. Intellectual Property Insurance (IPI) Intellectual Property Insurance Secure intellectual property insurance to protect your business . *, When it comes to measuring the financial impact of patent litigation, 2021 was also a historic year, with courts awarding $3.8 billion in patent damages. It provides sufficient protection for your company in a legal battle over infringement or theft of intellectual property. Intellectual property insurance, also known as IP insurance, protects you and supports you from the legal costs embodied while you file a lawsuit like theft and infringement of intellectual property. BlueIron does not provide any other insurance other than Intellectual Property related insurance. Intellectual Property insurance provides your company with protection if someone accuses you of infringing on someone else's intellectual property. (Nobody seems to like pharmaceutical patents, by the way.). FONAR won $128.7 million from GE, representing ten times FONAR's 1996 earnings of $13.1 million. You do not have to use contingency fee attorneys and pay them 40%. With our patent enforcement insurance policies YOU control all aspects of how to enforce your patent. With deep expertise in our chosen lines of business, our teams evaluate and manage risk like no one else. Multi-Peril (Business Interruption) Defense Insurance, Unauthorized Disclosure of Confidential Information Insurance, Merger & Acquisition Risk Reduction Insurance. Aon brings expertise and unique analytical tools to provide a comprehensive approach to intellectual property strategy, valuation, and risk management across a client's business. There are a number of things you can do to help protect your intellectual property. Innovation fuels the technology industry. Insurance products and services offered by Aon Risk Insurance Services West, Inc., Aon Risk Services Central, Inc., Aon Risk Services Northeast, Inc., Aon Risk Services Southwest, Inc., and Aon Risk Services, Inc. of Florida and their licensed affiliates. Without the ability to protect that IP, the advantage is limited. For example, a software company with less than $2 million in annual revenue purchased intellectual property infringement liability coverage. We'll facilitate the underwriting and policy process. It is rare for risk managers to become involved in evaluating and managing risks related to a company's IP portfolio, so questions as to whether those risks should be retained, transferred or insured (in whole or in part) are rarely considered. We are always here to help you get the best value out of your IP. Both offensive and defensive patent and intellectual property insurance give companies the best protection possible. The most popular form of intellectual property insurance coverage is "defense" coverage, which covers the costs of defense of an intellectual property infringement suit and any resulting settlements or judgments. plant varieties or topographies of semiconductor products,). We specialize in intellectual property insurance, and have access to a variety of insurance companies to provide a custom solution for your individual business within your budget. | Some companies like semiconductor IP, while other companies prefer medical devices. But more than that, a patent can be a very useful form of intellectual property protection. It might be a manuscript, an invention, a formula or algorithm, a product design, a symbol, name or image used in commerce, or a piece of literary or artistic work. Direct insurance and Facultative reinsurance. You invested money, time, and innovation. Intellectual property is a company's most valuable asset. Intellectual property insurance is a part of a professional liability insurance policy. We insure . Access insightful information pertaining to: IP Insurance (e.g., broker/agent/client FAQs, key terms and concepts, process overview for binding coverage, policy applications, case studies, articles, newsletters, and webinars); and IP Litigation (e.g., patent case law database, damages/licensing awards). These amounts are guidelines, and your actual premiums will only be determined after due diligence and underwriting. 1 For a new tech company, strong IP can provide both a competitive and fundraising advantage. Other times, you may want to obtain a license agreement from a competitor. It can also help companies defend themselves against claims of IP infringement or theft of IP and/or contractual indemnities. A member of our team will be in touch shortly. You are also protected with appropriate and essential protection if you do not want to suffer financially from the legal defense costs. Enforcement insurance typically costs about 1-1.5% per year of the total amount of insurance. This can be a competitor or a patent troll. Terms of use Our IP Enforcement/Defense Insurance policies help: (1) provide the financial means necessary to pursue those who infringe on your IP rights; (2) provide the financial means necessary to defend against unexpected lawsuits alleging infringement on the IP rights of others; (3) make companies more attractive to potential investors; (4) increase company value and strengthen their IP portfolio; (5) protect/increase market share; (6) deter frivolous claims of IP infringement from competitors attempting to regain lost market share; (7) deter frivolous claims of IP infringement from Non-Practicing Entities (NPEs or Trolls) attempting to monetize their patent assets; (8) facilitate more equitable/favorable licensing/settlement agreements; (9) avoid the negative financial impacts/ramifications associated with an adverse judgment of IP infringement including damages (reasonable royalties, lost profits, court costs, and/or attorneys fees), business interruptions (temporary/permanent injunctions, lost product/service revenue streams, design around time/cost), and bankruptcy; and (10) cover IP litigation risks that are excluded from Commercial General Liability (CGL), Professional Liability (PL), Professional Indemnity (PI), Errors and Omissions (E&O), Directors and Officers (D&O), and Cyber Insurance policies. Make sure that investment is protected. . The right level of insurance protection could mean the difference between survival and mortality for a small technology company with an intellectual property portfolio as its most valuable asset, or for a new competitor trying to break into an industry where . Which newsletter would you like to receive? IPISC--Intellectual Property Insurance Services Corp. Insurance Louisville, KY 457 followers IPISC only provides IP Insurance and has for 30 years!, That is why IPISC is the EXPERT! Coverages can include: Our centralised and unified management structure promotes real-time interaction between our transnational teams of underwriting, claims and legal professionals. Although the law provides a multitude of protections against infringement on your intellectual property, the cost of litigation . No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. We provide a data- and analytics-driven approach and offervalue-add services, including: Using a data-driven risk model, Aon analyzes each clients risk to deliver highly customized pricing and coverage tailored to its specific business requirements. Reasons for getting IP Insurance Covers companies accused of infringement Protects your intellectual property from infringement Offers defense and enforcement coverage Cost of patent lawsuits $3 m Patent lawsuits can cost between $950,000 and $3,100,000 depending on how far the trial goes and the revenue at stake. A sign of success. IP insurance frequently provides you with enforcement coverage. This form of insurance coverage protects companies in today's ever-changing business world. View Privacy Policy, Private enterprise, large corporate, cyber excess, Professional liability, general liability and cyber, Directors & officers, securities offerings, non-profits, Healthcare professionals, surgeons, dentists, doctors, Food & beverage, consumer goods, automotive, Engineers, professional services, recruitment services, Property liability, general liability, products liability, FinTech, investment managers, professional indemnity, Media professionals, licensing agreements, Technology companies, social media platforms, Professional services, recruitment services, Free 24/7 access to cyber security experts, Cyber insurance for professional services, How to sell our popular insurance products. Each patent insurance company has its own suite of services. In so many cases, a contingency fee attorney might settle for exactly what their fees were and you get nothing. IP insurance is a liability policy; its essential purpose is to protect the insured against legal fees, damages, and expenses incurred in a judicial proceeding relating to IP. Intellectual property (IP) insurance typically serves two purposes it can help companies cover litigation costs related to the enforcement or defense of patents, trademarks or copyrights, and it can help protect policyholders from patent infringement claims brought against them. Aon works with clients to help secure comprehensive intellectual property insurance, which can cover a wide range of situations, including: Third-party infringement claims for patent, copyright and trademark infringement**, Scheduled coverage for products, processes and services, Coverage for both competitor and non-practicing entities (patent trolls), Coverage for trade secret misappropriation claims, Contractual indemnity coverage and indemnified party defense, Loss mitigation through expert witness testimony, technical analysis and design-arounds. General liability insurance may protect the company from risks and perils against tangible elements but fails to safeguard against the superior intangible elements which carry greater liability. It is far easier to copy than it is to innovate, which is why many businesses with a truly unique product are often faced with the problem of knock-offs and intellectual property theft. Patents, trademarks, copyrights, and trade secrets are our only focus. Given the sustained frequency and high cost of intellectual property disputes, Intellectual Property Liability Insurance is particularly valuable for protection against . For example, $1,000,000 of patent enforcement insurance will cost about $10,000/year. Intellectual property is a work or an invention triggered by an individual's creativity. BlueIron has relationships with over a dozen different providers, and we know which insurance company would be the best fit for you. Infringement defense is the most used IP insurance coverage. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Please click here to manage your communication preferences. These letters are from the insurance company, which signals that you have muscle behind you. PIUS offers a proprietary insurance product that allows growing companies to secure better financing options at lower rates with less risk to lenders. Also, each policy has different sets of triggers which pay for your loss, different amounts they will pay in certain circumstances, and so forth. Bell and Clements Inc., part of Munich Re Specialty Insurance (MRSI), is launching an Intellectual Property Legal Professional Liability (IPLPL) product specifically designed for law firms of all . However, with thousands of trademark . Our . You invested money, time, and innovation. The State Intellectual Property Office (SIPO) began approaching major domestic insurance companies in 2011, with the aim of jointly carrying out the pilot work of IP insurance; in 2015, the State Council proposed to accelerate the development of science and technology insurance, and began to promote pilot projects of patent insurance. All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Our holistic portfolio of products includes more than 100 classes of specialty insurance, Tokio Marine HCC is part of Tokio Marine, a $40 billion company. Smaller companies must provide services or make products without attacks on their intellectual property. . Our IP Defense Insurance Policy covers litigation expenses (e.g., court costs, attorney fees, potential damages, and settlements) associated with your company defending itself against a claim of infringement on another's intellectual property rights. Patents, trademarks, copyrights, and trade secrets are our only focus. Our job is to negotiate a policy that fits your needs, not sell you a policy that benefits the insurance company. Non-Disclosure Agreements (NDA): An NDA, or confidentiality agreement, can help keep proprietary or trade . Intellectual property (IP) can categorically be narrowed down to informal and formal IP. Some industries are more litigious than others, and so insurance costs more. The costs of defending or pursuing an IP claim can be extensive and potentially threaten the survival of the company. Historically, purchasing IP insurance for companies has often been a cumbersome, invasive and, when compared to buying other lines of insurance, expensive process. The Aon Advantage Aon's Intellectual Property Solutions team helps organizations protect and maximize their most valuable assets - their intellectual property. Their lawsuit went to the Supreme Court they lived through it and they were acquired by Nautilus Fitness for $115M. The creator of the products can legally protect them with a patent, trademark or copyright. These expenses can cause day-to-day operations to suffer. Furthermore, intellectual property lawsuits are becoming more frequent as more patents are issued. Intellectual property (IP) can relate to a wide range of creative inventions from artistic works, to industrial designs, trademarks and copyrights. HCC International Insurance Company plc It legally gives you the right to .