Intellectual Property (IP) Insurance provides cover for your legal defence and pursuit costs in respect of IP rights and IP licence agreement issues.
Are you worried about the high costs of defending your intellectual property (IP) or inadvertently infringing someone else's IP rights?
IP Insurance covers you against infringement claims brought against you
IP Insurance can provide funding to enforce your IP rights and pursue infringement claims
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Typically, this will involve your rights regarding patents, trademarks, copyrights and trade secrets. It could also relate to a business idea, scientific discovery, inventions, designs, written material, music, data, or software.
As importantly, IP cover can provide the funds to help you defend yourself if you accidentally infringe someone else’s intellectual property. If you don’t think you could afford the costs of an action, and your IP is an important part of your business, then you should consider getting this type of insurance.
This will depend on the insurer.
In some cases, the insurer will have preferred partners they will use. In other cases, they will allow you to use your own legal advisors, but this sometimes increases the excess.
As with all Legal expenses policies, the insurer will need to be confident that there is a reasonable chance that they can win the case.
Usually, based on information provided, an insurer will need a 60 percent likelihood of winning before they will provide cover for you to proceed with the action.
This will depend on the type of IP and the insurer.
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