Where patents and other intellectual property rights are concerned, a question we are often asked is: “If I’m copied, can I afford to protect my rights?”, and the flip side is what happens if your product inadvertently infringes someone else’s patent or other rights?
The same also holds true for trade marks and brands. It is surprising how many people choose a great brand name for their company or product line, only to later find out it is a trade mark registered earlier by another company, or that their brand name is being copied.
Patent insurance and trade mark insurance, known collectively as IP insurance (or intellectual property insurance), will support you financially in these situations. It acts as a deterrent (because the other side will realise you have the financial backing to pursue an argument), and thus typically encourages a speedier settlement.
Albright IP has negotiated extremely good preferential rates for patent and trade mark insurance for our clients.
An outline of the insurance packages available is provided below, listing the amount covered the territory it applies to. Downstream costs in any contentious matter should also be lower if we are handling your patent or trade mark case, since we will already be aware of the details of your invention or brand.
Amount covered and territory:
- £200,000 of legal costs covered for actions in the UK only
- £250,000 of legal costs covered for actions in Europe only
- £500,000 of legal costs covered for any action worldwide
- £1,000,000 of legal costs covered for any action worldwide
The amount covered is any one claim in the aggregate, and is for pursuit (which is 50% of the above covered amount) and defence. The excess is £5000 for clients of Albright IP (normally £10,000), and £20,000 for any one claim in USA/Canada. The insured entity will also have a maximum turnover of £5 million. If above this, then a bespoke quote will be needed, but preferential rates will still apply.
Please contact us for the preferential premiums, if any of the above packages are of interest, or to discuss your situation further with one of our experienced attorneys.
For a brief further explanation of IP insurance, please see our video below: