Intellectual Property can be insured! There are no IP Police, it is up to you!
"IPISC's litigation management team has managed our claim highly effectively and recommended an excellent legal team that is well versed in IP litigation. All legal invoices are closely reviewed, holding the legal firms accountable for their billings. IPISC is reasonable and fair to work with and has earned our trust. One question always comes to mind when working with insurance companies; will they be there for you when you need them- when a claim arises? With IPISC, the answer is -- yes! We are currently involved in an IP claim, and IPISC has been there for us from the beginning and continues to stand by their commitment every step of the way. It is easy to do business with IPISC. The IPISC team has a combination of excellent customer service, industry expertise, and integrity."
Note: IPISC fully backed Octane Fitness' legal activities all the way to the Supreme Court, which ruled in favor of Octane Fitness, and created a powerful precedent that makes it easier to collect attorneys' fees from frivolous lawsuits. And when the Supreme Court returned this case to the federal district court, the district court awarded Octane Fitness $1.8 million in attorneys' fees. The district court judge was quite complimentary of IPISC:
"As further assurance that this matter was neither over staffed nor unreasonably billed, Octane's attorney rates and monthly bills were scrutinized by its patent insurance carrier, Intellectual Property Insurance Services Corporation ("IPISC"). Id 15, 39. IPISC has a vested business interest in ensuring it does not pay above-market rates or overspend on patent litigation. For these reasons, no reduction for alleged overstaffing is warranted."
District court decision with this praise for IPISC at: law.justia.com/cases/federal/district-courts/minnesota/mndce/0:2009cv00319/105109/296/ "
"In 1994, an ex-employee went out and stole our original patent as then existed. We won the case but decided upon advice of my brother in-law, a lawyer, who was a lobbyist in DC for the entire Insurance Industry sent me an article in the Wall Street Journal about the ability to insure against a possible future infringement. We had just developed a new patent and so we applied that new one to the policy when we started with IPISC. Our company first utilized the policy when another company was "knocking-off" our product and offering it for sale in the U.S. We filed suit, but the infringing company dissolved with no further incidence."
"More recently we saw a company advertising our product without our permission, and we asked IPISC's team to send them an Early Intervention letter on our behalf stating we had an insurance policy. Luckily, with the help of our IP policy, that has gone silent too. We feel that just having the insurance is a good deterrence and the Early Intervention letters remind possible infringers that this could all be a no win situation for them, as the patent holder has resources at their disposal to deal with it."
A benefit, to having a Patent Enforcement policy through IPISC, is the Early Intervention Services, which sends letters on the policyholder's behalf stating they have insurance to enforce their IP rights.
"The insurance policy is a lever of sorts. When we were sued, the plaintiff had no idea that we had insurance. Their intention was to bully us out of the business with threats of time consuming and expensive litigation. I will never forget the conference call when our attorney dropped the bomb on them, 'our client has a 5 million dollar patent insurance policy. It's not their money. Let's go.' You could have heard a pin drop." Greg goes on to say, "Our experience with IPISC is excellent. They were not only interested in settling the claim on our behalf, they were interested in winning! It was not about trying to take the cheap route or compromise. It was about doing what was right for us. The benefit, of having an insurance policy through IPISC, is the peace of mind that we have knowing that the competition cannot stop you with frivolous claims of infringement. We were thrilled with the legal team that handled our claim."
Their ability to work together to get the results I needed was nothing short of exemplary."
"IPISC is my resource, my 911. Because of IPISC's insurance products and its responsive litigation management team, the infringers tend to stay away." Sam goes on to say, "I also place notices on my products declaring that they are insured. This strategy is another way to fend off any potential infringers. To a small company like mine, it means everything to have the team at IPISC behind me. All I have to do is pick up the phone. As a small business owner, I take comfort knowing that IPISC is on my team!" Sam continued on to say, "Just holding the insurance policy levels the playing field and is a real game-changer."
"IPISC has been great to work with. Our account representative is knowledgeable, professional, proactive and very patient. He is readily available and speaks in terms that we understand. There are several benefits to having intellectual property insurance.", says King. "In our case, our greatest assets are our pieces of intellectual property. We need to be continually prepared to enforce our IP against any adversary. Having the financial support via this type of insurance through IPISC provides us an equal financial footing with our huge competitors. In addition, today, having previously enforced our patents successfully, our competitors take us very seriously."
This website is for informational purposes only. Using this site or communicating with Intellectual Property Insurance Services Corporation through this site does not bind or issue coverage. For all specific policy details or a specimen policy example please email firstname.lastname@example.org or call (800) 537-7863
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