In today’s business environment, where the fortunes of a business empire can depend on a moment of uncertainty, insurance is a viable option to minimize potential losses. A company’s tangible assets can be insured through various kinds of insurance schemes available in the market. Intangible assets such as intellectual property (IP) can also be safeguarded through insurance, which is a recent development in the business environment around the world.
In the past two decades IP insurance has become an important strategy to help minimize the monetary risks involved in protecting IP in a situation such as infringement, particularly for companies with a large pool of IP assets. (For example, Samsung owned around 47,855 patents in 2012, according to Statista, an online statistics provider.)
IP insurance originated in the late 1990s, when Intellectual Property Insurance Services Corporation started selling IP insurance products in the US. Following this, many big insurance companies started selling IP insurance products in the US market.
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