Specialist insurance provider and pioneer in emerging risk, CFC, has launched a new guide to intellectual property (IP) insurance.
CFC’s guide includes some top tips on how brokers can start the conversation with their clients as well as a number of claims examples to demonstrate how an IP policy would actually respond.
“As technology has revolutionised nearly every industry, IP has become one of the most critical assets for today’s modern businesses with many relying on either IP or intellectual capital in their people. As the value of IP has increased, so has the risks for most companies” says Erik Alsegard, IP Practice Leader at CFC.
“Allegations of infringement can threaten a company’s bottom line, and for SMEs, can be devastating to their business. Allegations of IP infringement by competitors can have a severe impact on a business and patent trolls target businesses for a financial pay out. IP insurance can protect against these threats, but it is a relatively new area for many brokers.”
Free to download, CFC’s new guide aims to explain the key areas of IP insurance and break down IP into bite-size chunks.
It gives brokers simple information about what IP actually is and its value to a company, the risk exposures, the cover IP insurance provides, the importance of defence, infringement and some of the common misconceptions about IP insurance.
Alsegard wraps up by saying: “The number of IP disputes that have hit the headlines represent just the tip of the iceberg. While the likes of Apple and Samsung can afford to pursue lengthy patent infringement cases, smaller businesses often lack the resources to properly address or defend themselves. Many companies have IP exposures but don’t realise they can buy insurance for it or defend themselves against allegations. Simply bringing up the topic of IP insurance can set a broker apart – and our guide is designed to help them.”
CFC has the largest dedicated IP insurance underwriting team in London, made up of expert IP underwriters and backed by a panel of specialist claims managers.
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