Cyber insurance provider CFC has unveiled a new simplified intellectual property (IP) offering, designed to protect businesses of all sizes, from start-ups to entities with turnovers of up to £500m ($657.46m).
The newly launched IP insurance policy encompasses the defence and pursuit of infringement claims, coverage for contractual indemnities, loss of IP rights and loss of profits.
This offering has various new coverage areas including IP title pursuit, which addresses legal costs and expenses in disputes over IP ownership.
It also covers situations where an employee may have infringed upon or misappropriated trade secrets, proprietary data, or confidential information, providing for legal costs, expenses and potential damages.
The policy offers indemnity for “reasonable” expenses incurred in mitigating a claim, such as technical analysis, alternative supplier arrangements, product recalls and designing around third-party IP rights.
Additionally, it offers reputation and brand protection, which covers the costs of engaging a public relations consultancy to manage brand image in the wake of an IP dispute.
CFC Intellectual Property Practice leader Maddi Brown said: “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. 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.
“Our new simplified product makes it even easier for brokers to provide their clients with access to clear, unambiguous and comprehensive protection.”
CFC has streamlined the process for brokers to obtain an online indication of interest by requiring only the client’s company name, website URL and revenue.
In February, CFC launched a new service to automate the quoting process of policies, initially available for cyber insurance products, enabling brokers in the UK to generate bulk quotes for their entire portfolio.
“CFC introduces simplified intellectual property insurance ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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