WHAT DO THE PATENT INSURANCE POLICIES COVER?
A patent portfolio can add real value to a business but the investment in time and money to obtain the patents can be significant. It is therefore vital to ensure you have the means to protect that value. If a third party copies your rights or you are sued for infringing their rights, the legal costs can run to hundreds of thousands of pounds. You can now protect yourself from these costs through Patent Insurance.
Patent insurance provides a worldwide affordable commercial solution to what can be a devastating business risk. The policies cover:
1. The significant legal costs of enforcing your patentagainst third parties who may have copied them;
2. The significant legal costs of defending a claim that you have infringed a competitor’s patent;
3. Any exposures arising under warranties or indemnities given to customers, licensees, or agents;
PATENT INSURANCE BENEFITS
1. Protecting cash flow
The cost of litigation can have a devastating impact on the value of a company. Patentees often cannot afford to take decisive action which reduces the value of their rights and the business itself as infringers know they will get away scot free.
Our policies meet the cost of litigation allowing you to take swift and decisive action without affecting the financial position of your company.
2. Providing a deterrent
Once you have purchased a policy you can confirm in your marketing literature that insurance is in place. This will make potential infringers think twice about copying your patents.
3. Reassures lenders and investors
If you have taken the time to protect your innovation by obtaining a patent, having patent
insurance in place gives lenders and investors comfort that resources are available to maintain the value of the right if it is infringed. It also shows prudent planning and an understanding of the importance of intellectual property to your business.
Financial exposures under IP agreements.
How much do the policies cost?
Policies start from £125 per month (plus 12% IPT) for UK protection but the premium will depend on the scope of rights being insured. Quotes are free of charge, and we can assist in completing the application form which should take no longer than 20 minutes. We can have a price indication for you within 5 working days.
Call us now on 0203 036 0551 for further information before it is too late. Once you have knowledge of a claim, insurance will no longer be available