- Is it expensive?
- How do we apply for a no obligation quotation?
- What territories can we cover?
- Do we have to detail every item, design or product for it to be insured?
- Does the insurance cover both registered and unregistered IP?
- Are rights licensed to us, or by us, covered?
- What about counterclaims against us?
- What if a third party is threatening or intending to infringe our IP?
- Will the insurance pay for the costs of pursuing any claims?
- What are the main exclusions?
- What other things should we know?
- What else do we have to pay?
Is it expensive?
No. For the smaller firms premiums begin at £39.00 a month including tax.
How do we apply for a no obligation quotation?
Complete our simple form in order to Get a Quote.
What territories can we cover?
You can cover every territory in the world - UK and EU, the USA, China. Different territories attract different premiums.
Do we have to detail every item, design or product for it to be insured?
Not always. After considering the proposal form we will only need to review your IP annually.
Does the insurance cover both registered and unregistered IP?
Yes, unregistered IP (ie: copyright, design rights and performers rights) can be covered* in the same way as registered IP (ie: Patents, Registered Designs and Trade Marks)
Are rights licensed to us, or by us, covered?
Yes, provided that they are exclusively licensed to you.*
What about counterclaims against us?
Counterclaims against you are covered.*
What if a third party is threatening or intending to infringe our IP?
Notify a claim. This insurance is designed to cover your legal costs to prevent any infringement taking place.
Will the insurance pay for the costs of pursuing any claims?
Yes - but there must be a reasonable chance of success. The claim must have legal merit (it must be probable that you will win). This is subject to the usual policy conditions.
What are the main exclusions?
They are straightforward and reasonable, and include the following:
- You must have prior written consent before incurring legal costs
- The insurance policy won’t pay your normal business overheads where you are asked to supply information and assistance
- The Insurers must agree to the Law Firm chosen (they will only withhold this where they have reasonable grounds to do so)
What other things should we know?
Please get in touch with us, or ask to see a specimen of the policy, for full details.
- The insurance will not pay for claims made by, or against you, by anyone with a financial, managerial or executive interest in your business (this includes parent or subsidiary companies)
- The insurance will not pay if a claim is debarred or struck out
- The policy will not cover claims which you know about (or should have known about) before taking out the insurance.
What else do we have to pay?
Like many insurance policies, you will have to pay an excess. This is to ensure that you only make necessary claims. The exact amount depends upon your turnover. You do not have to pay an additional percentage towards costs (co-insurance) as this can be very difficult to quantify.
* Subject to standard policy terms and conditions.
