In today’s highly competitive, knowledge-based economy, the hunger for innovation and fresh ideas is greater than ever. Ideas and intangible assets such as patents, copyrights, trademarks and designs, known as intellectual property (IP), now have as much value as tangible assets.
Many companies are unaware that IP insurance even exists
The increasing number of IP-related lawsuits each year and a rise in the damages awarded means businesses without IP insurance are playing a dangerous game that could cost them millions and lead to the destruction of the company itself. Despite this, it is estimated that only around 1% of global IP is insured!
Enter the ‘Patent Troll’
The ability to settle valid claims quickly and fairly in a human way is central to our markets’ business philosophy, and their claims handlers are empowered to exercise their professional judgement to deliver an exceptional customer service.
Please contact us in the first instance on any IP claims matter.
Cover & Target Risks
The 4 covers available are:
Enforcement / pursuit cover
IP reps & warranty cover
First party financial loss / business interruption
There are also a number of optional add-ons. Click here for a full list of add-ons, details of the above products and who they are best suited to.
Patents are essential to ensuring a fair and ethical playing field. Registering a patent secures an invention or process, enabling the owner to control its use and maximise profitability. However, there are companies that see the patent system not as a regulator, but as a potential revenue stream. Businesses should be wary not only of potential lawsuits from competitors, but also from non-practicing entities, known colloquially as ‘patent trolls’.
Patent trolls are companies that generate income through patent lawsuits and licensing requests. These companies target businesses whose products or services have allegedly infringed one of their own patents. They will then approach the business and demand they stop using the process or product, or allow them to continue using the process in exchange for past and future compensation – sometimes with devastating financial consequences for the company in question.
growth in patent troll lawsuits in the past 10 years
average compensation awarded from IP lawsuits in the US in the past 5 years