As it’s become a more pressing risk for businesses worldwide, it’s even more important to be adequately covered.
Intellectual property insurance from CHES Special Risk can provide the means to withstand and defend against the event of an intellectual property lawsuit (Patents, Trade Secrets, Copyright etc.), providing financial peace of mind and expertise in managing complex incidents.
Here are some examples of the types of costs and situations that can be covered under the IP policy provided by CHES:
- Lawyer fees and expenses – specialist intellectual property lawyers command a high fee. Costs can become substantial, even if a dispute never makes it to court.
- Damages – liability or damages can be significant if a court finds a business to be infringing third-party rights.
Injunctions – the business is legally prevented from manufacturing/using/ selling a product if alleged to infringe third party intellectual property rights.
- Revocation of intellectual property rights – the business loses the intellectual property it has worked hard to develop and maintain, and with it the competitive advantage of this grant.
- Product withdrawal – the business is forced to withdraw a product that is found to infringe third-party intellectual property.
STANDARD COVERS INCLUDE:
- Coverage up to $25m.
- Offers coverage for the legal fees and expenses along with any settlements, damages and liabilities arising from the dispute
- Provide several bespoke add-ons to meet client requirements, for example, business interruption following injunction or costs suffered in either amending the technology or replacing it.