Intellectual Property Law

New Matter SUMMER 2014, Volume 39, Number 2

How to Obtain IP insurance or How to Watch Your Client’s Back

Phil Green

Green & Green

Picture your client telling you that his or her company received a cease and desist letter and was then served with a lawsuit for infringement. As a conscientious attorney, the first thing you do is to check the IP insurance policy but you discover that your client decided to save money by not purchasing it at all. In that unfortunate situation, you would need to tell the client to settle, for it will very likely cost the client in excess of $120,000/month to defend. This article explores some of the major issues and ins-and-outs of obtaining IP coverage in order to avoid such a scenario. It suggests how to work through issues to the client’s best advantage. It also presents the question of whether, when and how to obtain the coverage available and some basic practice tips and broad advice about the different types of IP insurance policies and riders, barriers to obtaining insurance, important exclusions, and negotiation techniques to obtain the best coverage possible.

TYPES OF IP INSURANCE

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