31st August 2017/ IP NEWS
Patent infringement defence cover for Technology and Life Science companies
We have been offering stand-alone IP cover, including for patents, for several years. However, many CFC customers across our US and UK product lines may not necessarily purchase stand-alone IP cover. That’s not surprising, seeing as intellectual property is a bit of an abstract concept for many businesses, and few realise the real-life risks they are exposed to in this area. Fact is, patent infringement cover is not only a useful insurance policy to minimise risk. Many companies find themselves contractually required to have this cover in place.
That’s why we’re excited to offer this new patent infringement cover for technology, media and life science companies. It streamlines the purchasing process, making it easier than ever for companies to obtain this coverage – an add-on, if you will, to their existing insurance policies with us. And because we wanted to make this cover financially accessible to a wide range of companies, we offer a really attractive low premium.
The £100,000 / $100,000 limit provides defence for the insured as well as their customers, and insures against assertions of patent infringement – whether they have any registered intellectual property or not. Higher limits are available with the stand-alone policy.
For the time being, this cover is available to British technology and media companies, and life science companies located in the UK as well as the U.S.
If you are a broker and have any Tech & Media or Life Science clients, please get in touch to find out how they can get easy access to patent infringement defence coverage. We’re here to help!