Miller Insurance Services LLP
www.miller-insurance.com
INTELLECTUAL PROPERTY
BACKGROUND
LITIGATION INSURANCE
Intellectual property (IP) describes a multitude of rights
including patents, trademarks, designs, copyrights,
trade secrets and domain names. IP rights constitute
a growing proportion of a business’ wealth as
industries move increasingly towards a knowledgebased economy.
We can source cover for the exposures noted below.
IP rights create a value of their own and are often a
catalyst for investment or traded in the same way as
other business assets. These rights however, no
matter how strong, are vulnerable and need to
be protected.
EXPOSURES
All businesses can be adversely affected by IP
disputes. IP litigation can be very disruptive, expensive
and in extreme cases, ruinous. If rights are infringed, it
is important for IP owners to seek a remedy, which may
involve lengthy and expensive litigation.
Infringing products are often inferior imitations and their
existence in the market could adversely affect the
wider reputation and sales of the IP rights’ owner.
Failure to enforce IP rights may be interpreted by
others as a sign of weakness and could therefore
encourage others to infringe.
It is not only the owners of IP rights who are at risk. All
businesses are exposed to the risk of IP infringement
rights. The exposure is increased if the company
imports, manufactures, distributes, sells or even simply
offers a product or process for sale. All or part of the
product or process may be protected by someone
else’s IP rights.
Increasingly, businesses are exploiting their IP through
licence or distribution agreements, which could be
breached or may contain indemnity or hold harmless
obligations. To enable businesses to protect
themselves and their IP rights, Miller can source
insurance policies to protect IP owners and users from
litigation costs, infringement liabilities and revenue loss
related to their IP rights.
Exploitation agreements
Professional fees and expenses incurred in enforcing or
defending breaches of an agreement controlling the
exploitation of IP. Additionally, cover can be extended to
include hold harmless or indemnity obligations.
Infringement – pursuit
Professional fees and expenses incurred in enforcing
infringements of a client’s own IP.
Infringement – defence
Professional fees and expenses incurred in defending a
claim by a third party that the products or processes
used or sold by the assured, infringe the IP rights of the
third party. Cover can be extended to include the
damages that the client would pay in the event that the
defence is unsuccessful or an agreed settlement
is reached.
Invalidity/ownership
Professional fees and expenses incurred in defending a
challenge to the ownership, validity or title to IP rights.
ASSET PROTECTION
For many businesses, their greatest exposure may be
their vulnerability to indirect losses. Infringement by third
parties can result in lost revenues, which may or may
not be recovered (from third parties) through legal
action. If a company has its rights invalidated or is found
to infringe third party rights, it may be prevented from
selling its products or using its processes.
IP asset protection insurance complements the cover
provided by litigation policies, but focuses on the
revenue streams generated by IP rights.
Miller Insurance Services LLP
The basis of indemnity is tailored to the client’s
individual circumstances and requires the IP to be
valued prior to inception so that all parties are
agreed on the value of the rights and aware of the
method of valuation. This will involve a formal audit
to identify any potential problem areas before cover
is affected.
WHY MILLER?
A partnership approach
We take the time to understand your business,
profiling the risks that it faces and work closely with
you to design and deliver cost-effective solutions
that meet your requirements.
A focus on service
We provide you with direct access to senior
personnel in our professional risks team ensuring
you receive the level of expert advice and the
responsiveness you expect.
Claims handling
Our claims handling experts are an integral part of
the team, located alongside our brokers and
technicians and closely involved in each step of the
process. This ensures a rapid response to any
claims that arise.
www.miller-insurance.com
ABOUT MILLER
Miller Insurance Services LLP (Miller) is a leading
independent specialist insurance and reinsurance
broker, operating internationally and at Lloyd’s. With
over 100 years of successful trading, we offer our clients
quality, objective advice and service that is fully tailored.
We have extensive experience in designing innovative
products and arranging customised insurance solutions
in the IP arena.
CONTACT
For more information, please call:
Andrew Catton
T: +44 (0)20 7031 2829
E: andrew.catton@miller-insurance.com
Kelly Ross-Howard
T: +44 (0)20 7031 2775
E: kelly.rosshoward@miller-insurance.com
www.miller-insurance.com
Innovative solutions
We provide proactive and innovative insurance
solutions that meet your company’s
specific needs.
This material is for general information purposes only. Please speak to us directly to discuss your specific insurance needs.
Miller Insurance Services LLP is a limited liability partnership registered in England and Wales; Registered Number: OC301468;
Registered Office: Dawson House, 5 Jewry Street, London EC3N 2PJ. Authorised and regulated by the Financial Conduct Authority.
P004.05.0313.MC