At HCP National we provide appropriate coverage to protect your patent, copyright, or trademark from infringement suits. New inventions or ideas can be the target of suits claiming patent, copyright, or trademark infringement. To defend these claims can be significantly expensive. To protect you against this risk there is Patent/Intellectual defense insurance that will defend you in case of a covered suit.
The following are facts to consider regarding Intellectual Property Infringement Coverage:
• The median damage amount paid for patent infringements is over $5 million.
• According to the most recent American Intellectual Property Law Association, the average litigation costs to take a patent case to trial where over $25 million is at stake are $5 million for either party. Hourly rates for patent litigators remain high. A federal court recently ruled that $630/hour for an experienced patent trial counsel is reasonable.
The market is limited for primary coverage for Patent Defense/Intellectual Property Coverage. HCP can assist you in finding Intellectual Property Risk Defense and excess coverage/reinsurance as well.
• Coverage Highlights
Damages and defense costs for IP infringement actions (including patent)
Worldwide coverage available
$10 million aggregate Limits of Indemnity
Defense can/may be offered outside the limits
• Excess Coverage is available with coverages ranging in excess of 1 million to $50,000,000 are available for Captives. Captives is formed by a non-insurance group to reinsure some or all of its risks and administered by a specialized consultant.
• Pricing
2% to 6% of the limits (i.e. $2,000,000 limit – $40,000 to $60,000)
• Underwriting Risk Review
Underwriting criteria consists of undertaking an assessment and evaluation of the applicant’s products and supporting Intellectual Property Rights. Due to the time and expense for the underwriter to evaluate the risk, they charge a fee of $1,000 – $5,000 for standard risks.
The above is a limited discussion of Intellectual Property Risk Defense Coverage (AKA Patent Defense Coverage). HCP National is an Intellectual Property Risk Defense Coverage (AKA Patent Defense Coverage) insurance provider or broker. This blog does not alter or change coverage, nor is meant as legal advice.
