Clients that entrust KIPA with their complete portfolio obtain access to IP insurance with particularly beneficial terms through our partner AssuransSelector AB.
AssuransSelector AB is an independent insurance adviser for medium sized and large industries that has been involved in IP insurance solutions for over 15 years, mainly in IT, medical device and pharma technologies.
IP includes a multitude of rights, including patents, trademarks, designs, copyrights, trade secrets and domain names. IP Rights (IPRs) represent a growing proportion of business wealth as industry moves increasingly towards a knowledge-based economy. IPRs create a value of their own and are often a catalyst or prerequisite for investment and are traded in the same way as any other business asset. No matter how strong, IPRs are vulnerable and need to be protected.
Any business can be adversely affected by IP disputes. IP litigation can be very disruptive, expensive and, in extreme cases, ruinous. Infringing products are often inferior imitations that adversely affect the wider reputation and sales of the IPR owner. Consequently, if one of your IPRs is infringed, it is important to seek a remedy, which may involve lengthy and expensive litigation. Failure to enforce IP rights may be interpreted by others as a sign of weakness, and therefore encourage others to infringe.
It is not only owners of IP rights who are at risk. All businesses are exposed to the risk of infringement of IPRs at one time or another. The exposure is increased if the company imports, manufactures, distributes, sells or even just offers a product or process for sale. All or part of the product or process may be protected by someone else’s IPRs.
IP licencing agreements and/or distribution agreements are sometimes breached, or may contain indemnity or hold harmless obligations.
IP insurance policies can be used protect IP owners and users from litigation costs, infringement liabilities, and revenue loss related to their IP rights.
Examples of IP insurance coverage include:
Exploitation Agreements – Professional fees and expenses to enforce or defend breaches of an agreement controlling the exploitation of IP. Additionally, coverage can extend to include hold harmless or indemnity obligations.
Infringement – Pursuit – Professional fees and expenses incurred in enforcing infringements of a client’s own IP.
Infringement – Defence – Professional fees and expenses incurred in defending a claim by a third party that the products or processes used or sold by the Assured infringe the IP rights of the third party. Coverage can be extended to include the damages that the client would pay in the event that the defence is unsuccessful or an agreed settlement is reached.
Director & Officers Liability Insurance – While IP infringements normally are excluded in a Directors & Officers Liability Insurance policy, this coverage is offered within the available IP policy.