LOUISVILLE, Ky., Nov. 14, 2013 /PRNewswire/ -- From brick and mortar shops to on-line, the Retailing industry, is particularly susceptible to intellectual property (IP) infringement litigation, yet many in this industry are not adequately protecting their exposure with their current indemnification practices.
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Indemnity alone is not enough. Retailers are mistakenly assuming that their suppliers will handle the IP-related litigation and the associated expenses, but many times this is simply not the case. Companies operating in the retail space judiciously put indemnity language in their contracts requiring their suppliers to indemnify an IP infringement lawsuit; yet they are leaving themselves exposed by not requiring them to carry IP-specific defense insurance to fulfill their indemnity obligation.
Intellectual Property Insurance Services Corporation's (IPISC) president, Robert Fletcher, stresses, "The toll that IP litigation can take on a company's time and bank account is very real. The average cost to litigate a patent lawsuit in the U.S. is $2.8 million when the amount in controversy is between $1 million and $25 million dollars. Many suppliers simply do not have sufficient contingency funds or borrowing capability to absorb the cost of IP litigation, let alone, hold up their end of the bargain in an indemnification situation. The defense policy provides the resources need to fulfill the indemnification requirement, while providing the necessary funds to get through litigation."
IP-specific insurance is the solution. It provides the necessary funds to successfully litigate through an IP lawsuit. Only IPISC has been able to offer the market a full scope of IP-specific coverages including Defense, Abatement, Multi-Peril and Unauthorized Disclosure policies on a worldwide basis. IPISC has helped ensure that the funds and the litigation support have been available for the policy holder to get through the litigation process.
For further information, please contact Janet Zahnd, Sales/Marketing Manager, at [email protected], 502-855-5314, www.patentinsurance.com.
About IPISC
IPISC has remained the market leader and expert in the dynamic field of Intellectual Property (IP) Insurance by using advanced strategies to manage IP risks and protect the value of our clients' IP. We are committed to providing first-rate underwriting, insurance products and litigation management services.
SOURCE Intellectual Property Insurance Services Corporation
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