Defend Yourself Against Unexpected and Costly Lawsuits Alleging Intellectual Property, Copyright and Trademark Infringement with Enforcement/Defense Insurance
Intellectual Property (IP) litigation can be highly disruptive and possibly even shutter your business. Companies operating in the biotechnology, pharmaceutical and medical industries, including cannabis and psychedelic medicine, are exemplary targets. To help mitigate the exorbitant financial costs/burdens associated with enforcing, or defending against, a claim of IP infringement, which includes patents, trademarks, copyrights and trade secrets, your business needs an IP Insurance Policy.
Rahn & Associates’ IP Enforcement/Defense Insurance policy will help you deter frivolous claims of IP infringement, possible bankruptcy or having to enter into one-sided royalty agreements. We can help cover the gap and explicit exclusions in IP coverage that exist in typical Commercial General Liability (CGL), Professional Liability (PL), Professional Indemnity (PI), Errors and Omissions (E&O), Directors and Officers (D&O), and Cyber Insurance policies.
Rahn & Associates offers the following IP Enforcement/Defense Insurances:
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Patent Infringement Litigation
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Copyright Infringement Litigation
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Trademark Infringement Litigation
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Trade Secret Misappropriation Litigation
*Coverages can be written as a combination of enforcement and defense, or separately.
How expensive are IP Insurance policies?
The relative cost of IP Insurance is inexpensive, especially when compared to the mean/average costs of IP Infringement. According to the AIPLA, legal costs for Patent, Copyright, Trademark and Trade Secret Misappropriation Litigation can cost between $1M to +$5M to defend or enforce.
How can IP Enforcement and/or Defense Insurance benefit you?
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Makes companies more attractive to potential investors;
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Increases company value and strengthen their IP portfolio;
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Protects/increases market share;
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Deters meritless or frivolous claims of alleged IP infringement and helps cover litigation expenses.
In addition, IP Enforcement/Defense Insurance policies provide the financial means necessary to pursue those who infringe on your IP rights and defend against unexpected lawsuits alleging infringement on the IP rights of others; facilitate more equitable/favorable licensing/settlement agreements; help you avoid the negative financial impacts/ramifications associated with an adverse judgment of IP infringement including damages (reasonable royalties, lost profits, court costs, and/or attorney’s fees), business interruptions (temporary/permanent injunctions, lost product/service revenue streams, and design around time/cost), and bankruptcy; and protect your business from unnecessary D&O exposures whereby executives may be held liable for financial damages.
Contact Rahn & Associates today to learn more about our insurance policies that help manage risk associated with the enforcement and defense of intellectual property rights.