SUM Insurance

INTELLECTUAL PROPERTY PRACTICE

Intellectual Property (IP) is one of your client's most valuable assets, yet usually they are left uninsured. Protecting them against third party infringement is complex and expensive. So is defending against claims alleging infringement against the IP of others. As a result, most small to medium sized companies in Canada remain exposed to IP risks. Our IP insurance product provides your client cost efficient protection in several valuable ways, including:
  1. Defense against infringement allegations, and if unsuccessful in defending against them, loss of profit cover while the insured re-positions itself accordingly;
  2. Protects the insureds' IP and enterprise value by affording an opportunity to pursue infringers;
  3. Recovery of costs invested in pursuit of lost intellectual property.
We know your client may be reluctant to disclose critical IP information indiscretely, so we often arrange a telephone interview to accommodate a confidential exchange of information.

SUM's IP is designed for companies of all types - features include:

  • Comprehensive cover for all intellectual property including patents, trademarks, copyright and trade secrets;
  • Broad cover for all operations of the insured, or tailored to specific needs;
  • Defense and damage or settlement award costs covered, including counterclaims, product recalls and other loss mitigation measures;
  • Cover for Directors and Officers as joined defendants to actions;
  • Cover for contractual obligations to indemnify licensees or customers;
  • Cost incurred to obtain or maintan a registered right if that right is invalidated or revoked as a consequence of an infringement action;
  • Loss of profit for a 12 month period post loss of IP;
  • Limited cover for elements of contract or employee disputes related to IP;
  • Cover for costs to avert or mitigate loss of reputation;
  • Worldwide cover is standard
  • Limits up to $10,000,000 available, Deductible as low as $5,000 and Premium start at $3,250.00.