We’ve enhanced our proposition for UK-based technology companies by adding the option of patent infringement cover – something rarely provided by other insurers to this industry sector.
Success in the tech sector often depends on the ability to create unique products and build on older ideas to develop new solutions. This means there is the risk of inadvertently trespassing onto others’ intellectual property (IP) which can result in costly legal proceedings.
CFC’s patent infringement cover helps tech businesses defend against these types of claims, covering legal fees and other expenses such as settlement pay-outs. Equally important, it gives insureds access to our experienced claims team and its selected panel of specialist patent litigators – a service that is essential in what is a highly specialised area of law that typically requires experienced counsel able to quickly establish a defence strategy.
CFC’s UK Tech & Media Team Leader, Kenny Carmichael, says: “Given the nature of the tech landscape, it is important for businesses to protect against patent risks. However, historically, this kind of cover for tech companies has been both complicated to obtain and often unaffordable. Recognising this gap, we streamlined our underwriting process for these types of risks, giving our clients the option to easily add broad, affordable patent cover to their policy.”
CFC’s existing policy for technology providers already provides defence of intellectual property rights infringement such as allegations of copyright or trademark infringement. It also includes extensive cyber and privacy cover as well as clear, unambiguous cover for breach of contract and bodily injury and property damage cover. Worldwide cover is provided as standard.