FAQs - Intellectual Property insurance
What does Intellectual Property insurance cover?
Coverage can be tailored to individual needs. The insurance can be for a single item of property or for the whole portfolio. The starting point of cover is usually the legal defence costs should you be accused of infringing another’s intellectual property and any damages awarded against you. Pursuit cover (against those you believe have infringed your IP) can be added, as well as Breach of Contractual Agreements, such as non payment of royalty income or milestone payments. If an injunction is successfully made against you, you can also insure the ensuing loss of revenue income, previous research and development costs and recover the costs incurred in registering your intellectual property.
What is Intellectual Property?
Intellectual property is non-physical property that is owned or licensed by an individual or business. This can be registered, such as patents, trademarks, designs or copyrights or it can be unregistered intellectual property, such a s industrial secrets and “know-how”. Both registered and unregistered intellectual property can be insured.
Do I need Intellectual Property insurance?
All businesses own intellectual property but, because it is intangible, many don’t realise they have it or think that it needs protecting with insurance.
For some businesses, intellectual property accounts for up to 80% of the value of their assets. This means it is worth protecting with insurance.
What is Intellectual Property insurance?
Intellectual Property insurance protects your company’s intellectual property. The type of things that would be classed as intellectual property includes patents, trademarks, designs, copyrights, trade and industrial secrets.