With the price tag of an average US patent case around $2 million per side, SMEs can find themselves struggling to safeguard their intellectual property (IP) rights or defend themselves against infringement suits from larger corporations. Established companies can often budget for such actions, but SMEs are frequently caught off guard with limited or no funds to fight their corner. In the current climate, the threat of an infringement suit becomes a very real liability and if an SME is sued in a territory where it will have to pay its opponent's legal costs, the jeopardy increases.
In response to this worrying issue, SMEs now have access to a vital new insurance for the heavy costs attached to patent enforcement. Launched by IP insurance firm SAMIAN Underwriting Agencies, PatentSword™ has been developed for clients of CPA Global – the world's leading supplier of solutions to the patent community. Through an exclusive agreement, SAMIAN is able to offer PatentSword to CPA Global clients at a greatly reduced cost, providing tangible cover for intangible assets.
PatentSword will offer insurance for up to 10 patent families when CPA Global clients renew their patents. This allows CPA Global's clients to enforce their rights through legal expenses insurance, giving them the power to fight back against both larger organisations infringing their intellectual property (IP) rights, and frivolous actions.
Sam Bobo, managing director of SAMIAN Underwriting Agencies, said: 'We believe that our blend of experience and use of technology enables us to understand the real value of intangibles and to provide the kind of insurance protection one would expect for any other business asset. Intangible assets are worth trillions of dollars globally, but less than one per cent of that value is currently protected by insurance.'
Chief executive and co-founder Ian Lewis outlined how SAMIAN approaches patent portfolios: 'In assessing the cost and benefit of defensive coverage,' he said, 'we look not at the value the insured may put on their IP as such, but the propensity for possible infringement actions against them.' Lewis pointed out that any business holding patents on technologies with a high level of overlap with those of its competitors will risk a higher probability of infringement.
'As more and more people become aware of the value of their intangible assets,' Lewis added, 'they'll understand the need to insure them. IP is the lifeblood of so many companies and if they allow it to drain, their market share will dwindle. It really is time organisations stopped looking only at the cost of IP insurance and focused on the benefits – not least as an off-balance-sheet fighting fund to protect what could be the core asset of that business.'
Thanks to SAMIAN and CPA Global, protection for IP-driven companies is more accessible than ever. PatentSword is an important addition to the armoury of companies seeking to safeguard their patents worldwide. To find out more about it, visit www.patentsword.com. For further information on policies and premiums, email email@example.com or call +44 (0)20 7036 0405.