Intellectual Property Insurance
Intellectual property litigation is among the fastest growing filings in the country. Increasingly, businesses are aggressively pursuing infringement claims or defending against such claims. Intellectual property refers to creations of the mind such as artistic works, inventions, and symbols, names, images and designs used in commerce. It includes copyrights, trademarks, patents and trade secrets.
John Kenney, an intellectual property litigation attorney with the law firm of McAfee & Taft, explains why businesses should consider intellectual property insurance:
“Many businesses use these intangible assets to build a competitive niche which differentiates them in the marketplace. Rights to a valid patent, trademark or copyright can also be licensed to create a revenue source. Protecting these rights can require initiating litigation.”
Conversely, the threat of being involved in defending intellectual property infringement litigation can deter legitimate business activities.
Whether pursuing infringement or defending against a claim of infringement, intellectual property litigation can be expensive. Of course, many factors such as the nature of the product, amount of money at issue, jurisdiction, etc., can cause these costs to vary significantly. Surveys have found median costs range from approximately $600,000 to $5,000,000 for patent litigation; $300,000 to $1,000,000 for copyright litigation; and $250,000 to $1,250,000 for trademark litigation.”
PremierSource offers intellectual property insurance to aid businesses, whether protecting their intellectual property from infringement or defending against infringement claims:
- Intellectual Property Abatement Insurance, also called enforcement insurance, assists IP holders in enforcing their intellectual property rights against alleged infringers. The insurance provides funds and services to enable policy holders to more effectively negotiate, protect and enforce their IP rights.Learn more
- Intellectual Property Infringement Defense Reimbursement Insurance provides the funds to fight the legal battle when you are accused of IP infringement. The policy can also provide funds to pay assessed damages or settlements. It protects any company that makes, uses, and/or sells a product, or uses a word or mark in the marketplace.Learn more
For more information, please contact:
405.228.7699 OKC | 918.574.3030 TULSA | 866.239.4015 TOLL FREE