NOW AVAILABLE: Intellectual Property (IP) Insurance

By Richard Gledhill

Intellectual Property (IP) Insurance has for many years been prohibitively expensive for many businesses, whilst also occasionally complex to source.

Members may have seen the announcement of the merger between Solicitor Assist and MFL Professional last month. We are pleased to announce that Solicitor Assist is able to offer an insurance solution which addresses the above matters, and will be of interest to the SME clients of those MLS members practising within the IP field.

Targeted at firms with a turnover up to £5M, the policy provides a broad scope of cover (see below) at a more affordable cost than previously available (premiums starting as low as £3,500 + Insurance Premium Tax).

Indications of cost can be provided very quickly from significantly less information that might previously have been required. For example, there will not be a need to provide the detailed level of information re the intellectual property itself, Insurers instead, looking to base their pricing on generic sector groupings and turnover splits by territory.

So, in very brief summary, this policy will offer protection with regards to:-

  • Cover for a wide range of intellectual property including patents, trademarks, service marks, business or trade names, (including internet domain names and email addresses), registered designs, utility models, copyrights (including copyrights in computer software), database rights, semi-conductor topography rights and rights
    in trade secrets and other confidential information, know-how, and other intellectual and industrial property rights.
  • Infringement Liability – legal costs, expenses and damages awarded against your business following your infringement of third-party property rights.
  • Director’s Infringement – as above but where a Director is joined as a co-defendant.
  • Obligations to Contracting Parties – automatic cover for a maximum of 3 claims arising from your contractual commitments as above.
  • Product Infringement Recall – recall costs where recovery, destruction etc. ordered by a Relevant Court.
  • Infringement Assertion – adverse costs and assertion costs incurred when enforcing your rights including contractual disputes.
  • Counterclaims made in direct response to a claim.

A statement of fact declaration would be provided along with our indication of terms, and which would simply be checked and signed to confirm the accuracy of information in order for the quotation to be confirmed and cover effected.

We are aware that an offering such as this may assist law firms in providing a comprehensive solution to clients, complementing the legal advice provided.

Should this be of interest to you as a member of MLS, we would be happy to visit and discuss in more detail; alternatively please feel free to contact us as below to discuss over the telephone or via email.

Download your copy of Risk Update | March 2018