Intellectual Property claims are newcomers to the legal world, but they have taken big bites out of well-established companies, sometimes even putting them under. Intellectual Property Defense Insurance is a specialized product offering protection against any charge or accusation of IP infringement.
IP charges are generally filed in response to instances of great similarity between different products, trademarks, brand names, or catchphrases. As the legal and civil code governing such cases is complex and convoluted, they tend to be long-running and expensive. Any established business is at risk; thus our specialized IP coverage could come in handy for anybody.
Don’t Learn about it the Difficult Way
There’s compelling evidence that you ought to hold IP Coverage:
- D&O / Shareholders Insurance is a standard, but Intellectual Property claims are more common than Shareholder actions.
- As Intellectual Property is valued quite high, you are highly unlikely to have adequate cash on hand, or even the power to borrow enough money to cover the costs.
- The average cost of a major IP lawsuit can be well over $2,000,000.
- Other policies specifically exclude Intellectual Property claims from coverage. This is particularly true with CGL policy, where infringement coverage is limited to advertising activity.
Features of IP Defense Coverage:
- Automatic protection from surprise lawsuits
- Large expense threshold assures that you’ll get the best representation available
- Keeps your business’ money where it ought to be
- Acts as a deterrent for potential claimants
- Establishes a necessary new safety measure for any successful modern business
IP claims have grown to be so common that many businesses include coverage as a necessity for contracts with other businesses. It is seen as a major investment in your brand, product, company, and overall place in the market. IP coverage ought to be considered as essential to any comprehensive Business Continuity plan as well.
Thorough Research and Underwriting
Full customization of this type of insurance is completely essential. Everything about your product, brand, or other IP insurable entity must be understood vis-à-vis the entire spectrum of similar items in the marketplace. Obviously, it is an exceptionally in-depth process. Here at Dumont, we look at the ability to complete such market-wide surveys as one of our primary strengths.
Give yourself and your business the room it needs to flourish. Protect yourself from any parasitic competition. Give your clients, suppliers, receivers, and collaborators the peace of mind that you are going to be in business for as long as you wish. Contact Mordy at Dumont Insurance immediately about our superior Intellectual Property Defense Insurance.
About Dumont Insurance Corp.
Dumont Insurance Brokers Corp. – renowned for the cumulative industry knowledge, experience and insight of its staff, its close attention to customer care, and its innovative, automation-tinged model – was developed with a unique system underwritten by the most trusted and highest-rated carriers. This unique equation allows Dumont to provide customers with the very best, and most cost-effective, professional liability and E&O coverage, in spite of the ever-increasing hazards of a litigious society.