CFC, the London-based managing general agent and cyber specialist, announced the launch of its new simplified intellectual property (IP) product.
Sector agnostic and designed for all sizes of companies from start-ups and to those with a turnover of up to $500 million, CFC’s IP insurance policy covers both the defense or pursuit of infringement claims, contractual indemnities, loss of IP rights and loss of profits.
“The origin of most businesses, no matter their industry sector, lie in a product or a service idea and so most have some form of IP asset. It’s vitally important that they protect the patents, trademarks, copyrights and other IP that make them competitive and successful,” said Maddi Brown, CFC’s intellectual property practice leader.
“The costs of any IP legal dispute are unpredictable and can soon rack up. No business, no matter their size, likes uncertainty and smaller businesses in particular can find themselves up against it when defending or pursuing an action against a larger entity,” Brown added.
“Our IP policy delivers the peace of mind they need, offering broad worldwide coverage including defence and pursuit, protection of loss of future profits and loss of IP rights,” she said.
CFC’s new policy includes a number of new areas of coverage:
- IP title pursuit covering legal costs and expenses incurred when resolving a dispute if the insured needs to claim ownership of IP,
- IP breach of employment contracts covering legal costs and expenses and damages incurred if an employee has infringed or misappropriated trade secrets, proprietary data or other confidential information,
- Cover to seek indemnity for any reasonable sums incurred through services to mitigate a claim such as technical analysis, alternative suppliers, product recall and third-party design-arounds,
- Reputation and brand protection covering reasonable sums involved in engaging a PR consultancy to protect a brand
