Intellectual Property (IP) is a highly specialized practice area. Intellectual Property attorneys need to be aware that not all insurers cover this exposure. The body of the policy may not have an exclusion such as the following:
“INTELLECTUAL PROPERTY
based upon, arising out of or attributable to any actual or alleged violation of any intellectual property rights or law, including but not limited to, the infringement of any copyright, title, slogan, patent, trademark, certification mark, service mark, service name, trade dress, trade secret, or misappropriation of trade secrets or ideas, provided this exclusion does not apply to a Claim arising out of Professional Services provided by an Insured to a client of the Named Insured.”
The underwriter through the application questions and the areas of practice will ferret out IP exposures. The insurer appetite for IP work may range from not any IP exposure to the insurer being okay with copywrite work.
The IP application will ask specific questions relate to IP work. If the application does not ask specific questions about IP work the insurer is not expecting to insurer IP work. Prices that are too good to be true should alert the IP firm to look carefully at the entire policy including endorsements making sure that there are not IP exclusions.
Insurers that specialize in IP work charge higher premiums for this exposure.
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Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080