Vancouver, BC (Jan. 27, 2022) – The number of lawsuits related to Intellectual Property rights has increased significantly in recent years. As it’s become a more pressing risk for businesses worldwide, it’s even more important to be adequately covered.
Intellectual property insurance from CHES Special Risk can provide the means to withstand and defend against the event of an intellectual property lawsuit (Patents, Trade Secrets, Copyright etc.), providing financial peace of mind and expertise in managing complex incidents.
Here are some examples of the types of costs and situations that can be covered under the IP policy provided by CHES:
- Lawyer fees and expenses – specialist intellectual property lawyers command a high fee. Costs can become substantial, even if a dispute never makes it to court.
- Damages – liability or damages can be significant if a court finds a business to be infringing third-party rights.
- Injunctions – the business is legally prevented from manufacturing/using/ selling a product if alleged to infringe third party intellectual property rights.
- Revocation of intellectual property rights – the business loses the intellectual property it has worked hard to develop and maintain, and with it the competitive advantage of this grant.
- Product withdrawal – the business is forced to withdraw a product that is found to infringe third-party intellectual property.
Standard covers include:
- Coverage up to $25m.
- Offers coverage for the legal fees and expenses along with any settlements, damages and liabilities arising from the dispute
- Provide several bespoke add-ons to meet client requirements, for example, business interruption following injunction or costs suffered in either amending the technology or replacing it.
To find out more about our Intellectual Property Insurance product and how a CHES Special Risk policy can better respond to your client’s needs, please speak to your CHES underwriter or email us at [email protected].
About CHES Special Risk
CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening market place, commencing with a particular speciality in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s coverholder in 2009. CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes and support their retail brokers in growing and developing their businesses. For more information, visit www.chesspecialrisk.ca.
Source: CHES Special Risks Inc.Tags: CHES Special Risk, commercial lines