Exposure to RiskWhether your business is involved in retailing, licensing, manufacturing, distributing, research and development or any other form of trading, and however unimaginable it might appear, you run the risk of an exposure to a potential breach of another’s intellectual property rights in the form of patents, trademarks, copyrights, designs, etc. Similarly, if you have such rights you are likely to find a potential infringer of your intellectual property and may wish to assert your rights against them.
This insurance provides you with vital financial capacity indemnifying legal fees incurred to fend off allegations of your infringement of other’s intellectual property or asserting your rights against potential infringers of your intellectual property. It is estimated that the average cost of running a patent litigation in the High Courts through to receiving court judgement in the United Kingdom is about £750,000*. The average cost is slightly cheaper in Europe.
Contract FacilitatorMost contracts for manufacturing, licensing, research and development and for many other forms of trading invariably carry a requirement for you to indemnify your contracting party for infringement of third party rights. Subject to policy terms and conditions this insurance can meet that indemnification provision, provided you retain the right to handle, manage and settle any claims arising from such indemnification.
Claims SupportIn the unfortunate event you have potential action that may lead to a claim, you are promised an active engagement claims process that includes us as your broker, Underwriters and strategically selected legal representatives.
Claims LandscapeIf requested, The insurer are capable of providing information about intellectual property litigation experience in your industry.
Value for MoneyBenefiting from a wider supported infrastructure, group purchasing power derived from economies of scale and significant knowledge of this form of insurance, the coverage, offers worthwhile intellectual property insurance at reasonable terms. Compliance with policy terms is invariably critical to ensuring coverage is maintained.
Simple ApplicationThe application and underwriting process has been simplified and confined to the completion of only a few basic questions. We will complete an online application on your behalf followed by a review meeting to consider the information and your signing of the proposal form transposed from the system.
No ObligationThe plan allows for a 15 day cooling off period following inception of the policy. This will give you the chance to consider the policy documentation in detail and if you have a change of heart, you will be entitled to terminate the policy within 15 days without any charge.
OPUS PassportThe insurance can provide you with access to the services of service partners who can further assist you with managing your business’ intellectual property requirements. These will be provided to you at your request.
Rated SecurityIn the ’10 Reasons’ section, we notice this gives the UK and European security; if you are exclusively doing European business, should this instead read ‘The insurance is underwritten 100% by certain Underwriters at Lloyd’s Insurance Company S.A.’