The following information has been provided by WIPO – Please find their full information here World Intellectual Property Organization
What is Intellectual Property
Intellectual property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. Intellectual property is divided into two categories:
Industrial Property includes patents for inventions, trademarks, industrial designs and geographical indications.
Copyright covers literary works (such as novels, poems and plays), films, music, artistic works (e.g., drawings, paintings, photographs and sculptures) and architectural design. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and broadcasters in their radio and television programs.
What are intellectual property rights?
Intellectual property rights are like any other property right. They allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation. These rights are outlined in Article 27 of the Universal Declaration of Human Rights, which provides for the right to benefit from the protection of moral and material interests resulting from authorship of scientific, literary or artistic productions.
The importance of intellectual property was first recognized in the Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886). Both treaties are administered by the World Intellectual Property Organization (WIPO).
Why promote and protect intellectual property?
There are several compelling reasons. First, the progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture. Second, the legal protection of new creations encourages the commitment of additional resources for further innovation. Third, the promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life.
An efficient and equitable intellectual property system can help all countries to realize intellectual property’s potential as a catalyst for economic development and social and cultural well-being.
The intellectual property system helps strike a balance between the interests of innovators and the public interest, providing an environment in which creativity and invention can flourish, for the benefit of all.
For further information about the work of the World Intellectual Property Organisation and the reasons for patents, copyright etc, please click here and click on the publication What is I.P.?
For further information on the benefits of insurance for Intellectual property please read on.
What is intellectual property insurance?
Intellectual property insurance is a liability policy. Its essential purpose is to protect the insured against legal fees, damages and expenses incurred in a judicial proceeding relating to IP. As every risk is different and every insured’s requirements are different, cover can be tailored to suit the insured’s needs. This could include:
• all IP or just patent only;
• all products and services of the insured or only a handful of specified products; or
• all of their contractual agreements or only one specified contract.
Terms are built from the ground up based on what the insured requires from cover and what the markets are willing to insure.
Who buys Intellectual property insurance?
In many instances the insurance protection offered by I.P. Insurance is required by contract conditions of either a customer or investor. Or by I.P. professionals who value the need for the protection that this type of insurance offers. It is thought that IP litigation can be amongst the most expensive of legal cases.
Another aspect of I.P. in general is the subject of trolls. These can be thought of as internet users that threaten action against companies sometimes inferring that they are infringing I.P. in many cases this is purely an action to try and extract money from the company. Having an insurance in place is often seen as a deterrent against these people
What do you do about your own Intellectual property?
Many companies don’t check their I.P. as to whether they are either infringing other company’s I.P. or have the resources to check whether other companies are actually infringing your own I.P. This takes time and resource and is often missed within the business planning of smaller companies. But I.P is a valuable asset to any company and should be looked after the same as any other asset. There is a wealth of information about this on the World Intellectual Property Organization which can be found by clicking here https://www.wipo.int/portal/en/index.html.
The WIPO website provides so much information in relation to Intellectual property its best to read their documents to help you decide what you should or could do to protect your I.P. and we will leave it to them to provide the most up to date information in regards to world wide I.P.
What do you do about getting a quote for Intellectual property insurance?
Underwriting the risk relating to I.P is complex and each case is looked at individually. So, a proposal form needs to be fully completed. Where possible , we will come and see you and help you through the completion of the form. If that’s not possible we can certainly assist via a video call.
We then use multiple insurers to obtain quotes as there is no one size fits all and offer you the options available to you.
Factors that are considered when providing a quote:
• The field in which the business operates.
• Patents issued and geographical areas that need to be protected
• Domain names, trademarks etc registered
• Experience in the specific field
• Expertise within the business. A separate I.P. department., specialist lawyer support etc
So, to conclude, if you need any further information about IP, please either complete our online form or call us on 01255 444000 for further guidance and help.