Intellectual Property Risk Defense Coverage | Patent Defense Coverage
At HCP National we can provide appropriate coverage to protect your patent, copyright, or trademark from infringement suits. The following are facts to consider regarding Intellectual Property Infringement Coverage:
- The median damage amount paid for infringements is over $5 million.
- According to the most recent American Intellectual Property Law Association, average litigation costs to take a patent case to trial where over $25 million is at stake are $5 million per side. Hourly rates for patent litigators remain high; a federal court recently ruled that $630/hour for experienced patent trial counsel was reasonable.
The market is limited for primary coverage for Patent Defense/Intellectual Property Coverage. HCP can assist you in finding Intellectual Property Risk Defense excess coverage/reinsurance as well.
Coverage Highlights
- Damages and defense costs for IP infringement actions (including patent)
- Worldwide coverage available
- $10 million aggregate Limits of Indemnity
- Defense can/may be offered outside the limits
Pricing
2 to 6% of the limits (i.e. $2,000,000 limit - $40,000 to $60,000)
Underwriting Risk Review
Underwriting criteria consists of undertaking an assessment and evaluation of the applicant's products and supporting Intellectual Property Rights. Due to the T and E for the underwriter to evaluate the risk, they charge a fee of $1,000 - $5,000 for standard risks.