Louisville, Ky. headquartered Intellectual Property Insurance Services Corporation (IPISC), which focuses on intellectual property (IP) insurance risks, has launched the InventPro Abatement Insurance program.
The InventPro program is designed to help enforce the policyholder’s IP rights against infringers who are often larger and better equipped financially to withstand costly IP litigation. The InventPro program offers an affordable insurance policy specifically for accommodating inventors and small companies who have one to three patent applications, issued patents, trademark applications and/or registered trademarks.
“IPISC created the InventPro program to help level the playing field for inventors and small companies. The policy gives them access to the funds needed to help enforce the IP rights that their livelihood relies upon heavily. This policy can assist with protecting market share and deterring even exuberant or frivolous infringement charges,” said Robert Fletcher, CEO and founder of IPISC.
The inability to fund an IP lawsuit aggressively could lead to the loss of precious knowhow and a competitive advantage. “Inventors’ and small companies’ greatest assets, their intellectual property, are really just pieces of paper hanging on a wall without the financial means and the support of an experienced litigation management team to help enforce those rights on the merits of the case, not who has the deeper pockets,” says Fletcher.
Without specific IP insurance in place, inventors and smaller companies many times have little or no means to cover the cost of litigating a costly IP lawsuit on the merits of the case. Ensuring the appropriate IP insurance is in place for this potentially devastating exposure is essential to protecting overall financial strength.