 Posted: Fri Apr 21, 2006 5:05 am Post subject: Patent infringement insurance and its importance |
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When an insurance policy provides the coverage to protect an inventor or a third party from the risk of unintentionally infringing a patent, that insurance policy is called Patent infringement insurance.
This is a form of professional liability insurance for the sellers, manufacturers if they are charged for infringing a patent holder's right.
This insurance also covers the legal costs for the inventors in case they sue some infringer.
Last edited by lakemen on Tue Jun 30, 2009 8:57 am |
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lakemen
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| Posted: Tue Feb 17, 2009 2:53 pm Post subject: Patent Infringement Insurance |
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Any inventor or company that makes, uses, or sells a product in commerce, or owners of patents, trademarks, and copyrights, should consider purchasing Intellectual Property Insurance.
The average cost to litigate a patent infringement suit is $2.6 million, and that amount excludes damages that could be awarded against you! For most inventors and companies, being sued for IP infringement is a catastrophic event, since funding the defense drains the cash available, exhausts available credit lines, and in many cases forces a halt of business operations. Defending an IP infringement suit from a position of financial weakness must be avoided at all costs.
IP Insurance provides the solution by giving you the funds to make the legal system work for you. IP insurance comes in two main types:
1) Offensive coverage, usually called Infringement Abatement Insurance, pays the insured's litigation expenses when they have to sue a third party to enforce their own IP rights. If someone is "knocking off" your product, IP insurance gives you the resources to mount an effective legal campaign against the infringer.
2) Defensive coverage, called Infringement Defense Insurance, pays the insured's litigation expenses when they are sued by a third party for patent, trademark, or copyright infringement. The policy can also pay for damages awarded against the insured if they lose the lawsuit.
There is only one company in the USA to turn to for IP insurance, and that is IPISC of Louisville, Kentucky. IPISC has been writing IP insurance for almost 20 years. Give us a call at 502-855-5327.
Jason Chandler, J.D.
IPISC
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