Intellectual Property (IP) encompasses a number of different rights which businesses or individuals possess. They have value legally, and can be bought, sold or licensed to others.
The main IP rights are Patents, Trademarks, Design Rights, Copyright and Confidential Information (including Trade Secrets).
Many companies cannot afford to bring or defend an IP action, as it is widely considered that IP litigation is the most expensive form of litigation someone can conduct (for example the cost of an IP action in the High Court is generally in excess of £350,000).
Albion Legal offer a range of Intellectual Property insurance solutions which can protect even the smallest new start-up. More comprehensive protection is available for SME clients with a varied IP portfolio, and sophisticated programmes can be arranged for larger companies.
Types of Cover:
1. "Opinion Only" Policy - this is the cheapest option, and is specifically designed for new start-up companies. Clients can insure up to two IP rights (e.g. a patent and their trade mark) and if they potentially infringed another party inadvertently, or if a competitor has potentially infringed their IP through their actions, they may obtain a full IP legal opinion. The IP opinion then allows the client to make an informed decision as to what action to take.
2. IP Legal Expenses Cover (for both Pursuit and Defence) - This option provides a much more substantial solution, and will pay the legal costs of bringing an IP action against a competitor, or for a client to defend an IP action brought against them.
3. Comprehensive IP Package Solution (for both Pursuit and Defence costs, and Damages Awards) - This is a high-level protection option, which will provide very sophisticated IP risk transfer to the insurance market, and ensure that our clients can survive when an IP damages award is made against them, as well as enabling them to bring an IP action against a competitor.
For more information about Intellectual Property Insurance Get in touch today