INDIA STUMBLES INTO IP INSURANCE
Looks like things are beginning to heat up in the intellectual property insurance marketplace in India.
India Inc does not seem to be very familiar with patent insurance, which provides protection against infringement of patents and associated costs.
That is because none of the insurance companies in India sell such a product. In fact, according to C S Rao, chairman of Insurance Regulatory and Development Authority of India (Irda), no insurance company in the country has even applied for such a product till today.
Patent insurance can be of two types – patent infringement defence insurance and patent enforcement insurance. M Qaiser, chief IPR strategist and chief executive officer of iPrex Intellectual Property Solutions, says: “While the former helps the insured fight an infringement lawsuit filed by a competing company, the latter helps the insured fight against a patent infringing company.”