Intellectual Property Insurance Services Corporation has rolled out its latest offering, Abatement Insurance, designed to protect small companies from intellectual property risks.
The insurer believes that the new policy will enable small businesses to protect their innovations from the predatory business practices of some companies or they risk incurring burdensome royalty payments under licensing agreements, being forced to settle or going out of business.
The new unique, plaintiff’s policy has been designed to enable the policyholder to fund the litigation to enforce IP rights and/or defend against charges of IP infringement, successfully.
Furthermore, IPISC’s Abatement Insurance enables clients fund the litigation costs to enforce IP rights, while enabling an equitable resolution based on the merits of the case.
The insurer provides a comprehensive scope of IP-specific coverages including abatement, defense, multi-peril and unauthorized disclosure policies on a global basis.
IPISC president Robert Fletcher said, "Without specific IP insurance, these companies are often left with no real alternatives to cover the cost of litigation. The inability to protect intellectual property is a leading cause of failure for start-ups and small companies."