CFC expands IP insurance policy to title pursuit legal costs

By Rebecca Delaney

May 8 - (The Insurer) - Specialty insurer CFC has expanded its intellectual property (IP) insurance policy to cover costs related to title pursuit, breach of employment contracts, and reputation and brand coverage.

The product is sector-agnostic and designed for all sizes of companies, from start-ups to businesses with a turnover of up to 500 million pounds.

The IP insurance policy covers both the defence or pursuit of infringement claims, contractual indemnities, loss of IP rights and loss of profits.

The expanded policy includes IP title pursuit, covering legal costs and expenses incurred when resolving a dispute if the insured needs to claim ownership of IP, as well as covering legal costs/expenses and damages incurred for breach of employment contracts if an employee has infringed or misappropriated trade secrets, proprietary data or other confidential information.

It also provides cover for firms to seek indemnity for any reasonable sums incurred through services to mitigate a claim such as technical analysis, alternative suppliers, product recall and third-party design-arounds.

The product also offers reputation and brand protection for reasonable sums involved in engaging a PR consultancy to protect a brand.