Thursday, March 13, 2008

Intellectual Property Basics (3/6/08 Knowledge Knugget)

Did you know.....

  • There are two types of intellectual property coverage?
    • One protects your insured against allegations of infringement ("defense" coverage)
    • The other provides your insured funds to protect their own intellectual property against an infringer ("abatement" or "enforcement" coverage)
  • There are over 12,000 IP suits filed annually, with a median cost estimated at 5.5mm
  • Being granted a patent does not mean that your insured is safe from infringing on others. The patent office uses different standards than competitors and courts
  • IP coverage can extend to copyright, trademarks, and trade dress. It is not limited to patents

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