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Knowledge Center Items Why Patent Infringement Insurance Is So Important

Why Patent Infringement Insurance Is So Important

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In the past eight years, more than 20,000 firms – large and small – have faced a patent infringement lawsuit with the cost of litigation high and time-consuming. In fact, it could take years to resolve a case and cost a business millions of dollars.

As such, any business that owns, makes, uses or sells technology-based products should be carrying Patent Infringement insurance, designed to minimize the costs and operational burden of litigation. These businesses include manufacturers, technology providers, wholesale distributor networks, law firms, and venture capital investors.

Our policy, available on a claims-made basis, is available through program manager RPX, and covers litigation costs; approved re-examination, IPR, CBM, counterclaim and declaratory judgment expenses; and settlement payments related to patent litigation in the U.S. Furthermore, the policy is customized to the specific risk and coverage needs of each insured. There is a solution for every level of patent risk:

  • Emerging Risk: Designed for early-stage companies that are just starting to face patent risk
  • Standard Protection: For companies that have already begun to face some threat of infringement litigation
  • Volatility Risk: Provides coverage for companies facing variable frequency and spikes in patent litigation
  • Indemnification: Allows technology providers to extend their infringement liability coverage to customers

What also separates our product from others is that the policy goes beyond traditional Patent insurance by focusing on anticipating, mitigating, or completely avoiding litigation when possible. The policy is supported by risk management services that include a team of patent experts, a proprietary patent litigation database and patent market intelligence. To date, these services and support have saved clients an average of 60% on out-of-pocket costs and 50% on time in litigation.

In addition, we provide integrated claims management including litigation campaign assessment reports, RFP management for selection of defense firms and preparation of case budget, panel counsel and preferred provider program, monthly review of legal fee invoices, consultation with patent team to review status and optimize resolution and settlement costs, and support for non-covered litigation such as pre-policy cases or indirect indemnity issues. We also provide clients with access to a proprietary web-based database to search millions of patents, litigation and entities.

Not only do we provide a robust product but we also offer retail agents the ability to quote our Patent Infringement coverage online. In lieu of having to wait anywhere between 60-90 days to obtain a quote, you can now receive one in three minutes by accessing our platform here to rate, quote, bind and issue a policy.

For more information about our product, please contact us.

 

 

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