There are two types of IP Infringement policies available in the market that can be purchased either individually or on a combined basis to cover infringement of your Intellectual Property including patent, copyright, trademarks and/or trade secrets:
- Abatement Insurance: The policy reimburses the litigation expenses for the Insured to enforce patents, trademarks, copyrights and/or trade secrets against alleged infringers. The policy responds after notification of a claim and subsequent authorization. The infringement must begin during the initial policy period or subsequent, continuous policy periods, whether the infringing commercial activity is known or unknown to the Insured.
- Defense Insurance: This policy reimburses the litigation expenses, and damages, to defend against charges of intellectual property infringement. The policy responds after notification of a claim and subsequent authorization of the litigation. The threat of infringement must occur during the policy period and after the initial 90 Day exclusionary period. Damages are covered back to the date the infringing activity began.