Post by Sapphire Capital on Jun 4, 2009 6:02:35 GMT 4
Insuring the Intangible: Legal Facets and Challenges in Intellectual Property Insurance
Jeevan Ballav Panda
Khaitan & Co.
Akshay Garg
Hidayatullah National Law University
Mrityunjay Biswas
Hidayatullah National Law University
The Icfai University Journal of Insurance Law, Vol. 7, No. 2, pp. 50-58, April 2009
Abstract:
Intellectual Property Rights (IPRs), one of the most coveted intangible assets of a firm, are the key ingredients to social and economic development of a country. In today’s business scenario, risk management is a key area of focus, and liability insurance is the only effective protection available for a product portfolio. Reports suggest that the amount spent on defending infringements and fighting lawsuits, specially on patents, leads to the drain of enormous financial resources. According to a previously classified study by the International Trade Commission, enormous losses are being reported because of inadequate protection of Intellectual Property (IP). The authors focus on how insurance can be one of the effective tools for protecting IPRs globally. Insurance coverage to IPRs shall eradicate the rift created between the developed and the developing countries, as the latter are being considered as counterfeiters of IPRs. While the situation in the developed countries demands a careful analysis of the market and an introduction of compulsory insurance policies in a phased manner, the problem persisting in developing countries like India is the lack of IP-based knowledge. The Indian insurance industry is yet to come up with policies specifically designed to protect IPRs. Effective understanding of IPR insurance policies involving IP valuation, requires sound technical knowledge and expertise by underwriters. At the same time, insurance policies would be an effective tool to redress the grievances of the underprivileged.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1397399
Jeevan Ballav Panda
Khaitan & Co.
Akshay Garg
Hidayatullah National Law University
Mrityunjay Biswas
Hidayatullah National Law University
The Icfai University Journal of Insurance Law, Vol. 7, No. 2, pp. 50-58, April 2009
Abstract:
Intellectual Property Rights (IPRs), one of the most coveted intangible assets of a firm, are the key ingredients to social and economic development of a country. In today’s business scenario, risk management is a key area of focus, and liability insurance is the only effective protection available for a product portfolio. Reports suggest that the amount spent on defending infringements and fighting lawsuits, specially on patents, leads to the drain of enormous financial resources. According to a previously classified study by the International Trade Commission, enormous losses are being reported because of inadequate protection of Intellectual Property (IP). The authors focus on how insurance can be one of the effective tools for protecting IPRs globally. Insurance coverage to IPRs shall eradicate the rift created between the developed and the developing countries, as the latter are being considered as counterfeiters of IPRs. While the situation in the developed countries demands a careful analysis of the market and an introduction of compulsory insurance policies in a phased manner, the problem persisting in developing countries like India is the lack of IP-based knowledge. The Indian insurance industry is yet to come up with policies specifically designed to protect IPRs. Effective understanding of IPR insurance policies involving IP valuation, requires sound technical knowledge and expertise by underwriters. At the same time, insurance policies would be an effective tool to redress the grievances of the underprivileged.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1397399