IP Insurance for IAC Full Members
IAC is providing eligible full members* with access to a base IP liability insurance coverage as part of the membership benefits. This is one of the many ways IAC is supporting members at all stages of their growth by using the power of the collective. As a collective, IAC can help members access IP insurance more easily, with the anticipation of lower rates as well.
IP liability insurance is a type of coverage that helps companies address the risk associated with claims of intellectual property (IP) infringement. IP infringement liability can be a significant risk for any company that offers products or services, regardless of whether they own patents themselves. Costs associated with patent infringement defense can easily reach upwards of $1 million. IP liability insurance can also cover policyholders for costs associated with the enforcement of IP owners’ IP rights and provides the financial resources to pursue infringement claims against others.
IAC’s base IP liability insurance coverage provides $1M in defensive coverage and $500,000 in enforcement coverage over a 12-month policy period.
*Only full members who are in good standing with IAC and accepted by the insurer based on the member’s insurance application are eligible.
Why do you need IP insurance?
Like all insurance, it’s here to help you when you need it most. IAC’s base IP liability insurance coverage can be used to:
- Cover unexpected costs related to contract indemnification and the infringement of third-party IP.
- Cover costs for enforcing your IP against entities who are infringing on your IP rights.
Why is IP insurance so necessary?
IP Insurance can help smaller firms fight competitor lawsuits (canadianunderwriter.ca)
Key patent litigation trends (Source: AON Litigation Trends)
- Litigation has risen consistently since 2019
- Judgment severity continues to increase
- Litigation from non-practicing entities (NPEs) continues to rise
- The largest number of litigations come from the technology industries