Intellectual Property Insurance
A business’ Intellectual Property can be one of its most important assets, yet many businesses do not hold Intellectual Property Insurance, mainly due to not knowing that it exists, or by being put off by the perceived high costs
At Cass-Stephens we are delighted, following our review of the market place, to recommend the OPUS 100 Plan as an unrivalled Intellectual Property Insurance policy. The policy offers vital legal assistance in respect of:
PURSUIT – bringing a claim against another for infringement of your Intellectual Property rights, such as patents, copyrights, trademarks etc . This section of the policy provides you with the financial muscle to asserts your rights against potential infringers of your Intellectual Property
DEFENCE – defending an action brought against you for the breach of the Intellectual Property rights of another. Retail, licensing, manufacturing, distribution, research and development and many other business types run the real risk of breach of another’s Intellectual Property rights. Intellectual Property Insurance will provide you with vital financial capacity in the form of legal fees to help you to fend off any such allegations.
Examples of Intellectual Property Insurance claims include:
Insured – UK company operating in the construction industry
- Action in the UK High court brought by a US based company that had patents in the UK
- Patent infringement – defence
- Outcome – action lost by the Insured
- Costs in excess of £400,000
- Recovery of Costs – Insured liable for the US company’s costs
- Client had £1,000,000 Indemnity
Insured – UK manufacturer of loudspeaker systems
- Action in Germany against a German company importing products from China
- Patent infringement – pursuit by the UK company (under its German patent)
- Outcome – successful with substantial damages awarded in favour of the client
- Costs just in excess of £200,000
- Recovery of costs – circa £195,000
- Client had £1,000,000 Indemnity
Insured – UK baby products company
- Action in UK High Court
- Patent infringement – pursuit
- Outcome – action won by the Insured
- Costs in excess of £250,000
- Recovery of costs circa 70%
- Client had £100,000 indemnity limit
Insured – UK medical devices company
- Action in USA District Court
- Patent Infringement – defence
- Outcome – agreed settlement
- Action took four years to resolve
- Costs in excess of £900,000
- Recovery of costs = NIL
- Client had a £1,000,000 indemnity
To find out more about Intellectual Property Insurance and how this vital protection will benefit your business please get in touch.
