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What is Intellectual Property Insurance?
Intellectual property is often a company or individual’s most valuable asset. That’s why every act of infringement can lower its worth, so it’s essential to enforce and defend your intellectual property rights. Intellectual Property professional liability insurance covers litigation expenses incurred when enforcing or defending patents, trademarks, or copyrights.
CMI’s experienced Intellectual Property agents work with anyone – from large organizations to entrepreneurs — to protect their assets. Our offerings include:
Infringement Abatement Insurance
Reimburses you for your litigation expense when you elect to enforce your patents/trademarks/copyrights against an alleged wrongdoer.
Pays your legal costs when your intellectual property is challenged by a countersuit for invalidity in an infringement suit.
Infringement Defense Cost Reimbursement Insurance
Reimburses you for your legal expenses when you must defend yourself against lawsuits brought in the U.S. for patent/trademark/copyright infringement.
Reimburses your legal costs when you assert invalidity as a defense to a charge of patent/trademark/copyright infringement.
Reimburses the cost of reexamination proceedings initiated by you as a defense strategy arising out of a lawsuit for patent infringement.
Why it’s smart to have Intellectual Property Liability Insurance
General Electric (GE) was found to have infringed on two patents held by the FONAR Corporation that related to magnetic resonance imaging (MRI) technology. FONAR won $128.7 million from GE, representing ten times FONAR’s 1996 earnings of $13.1 million.