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