CFC and BMS deliver trade mark defence product for Australian businesses

CFC and BMS deliver trade mark defence product for Australian businessesCFC and broker BMS have joined forces to deliver Trade Mark Protect, a new set of insurance products to help Australian businesses protect their intellectual property assets.

The number of trade mark filings made in Australia has grown over the last decade, and the vast majority, 90 percent, are individuals or SMEs.* As filings have grown, the number of oppositions to these filings has also grown.

To help small and medium enterprises navigate the intellectual property (IP) lifecycle, in March 2017 IP Australia challenged the market to develop a sustainable and affordable option for trade mark applicants and owners. They were the first government IP office to spearhead such an initiative.

Following a competitive tender process managed by AusTender, IP Australia selected the solution presented by CFC and BMS, which launched to the public this month.

Trade Mark Protect can protect businesses of all sizes against oppositions and other challenges to trademarks in Australia. The product suite offers two options:

  • TM Opposition Cover delivers a world-first insurance product that covers the legal costs incurred in defending against oppositions to trade mark applications
  • Registered TM Cover protects businesses against the legal costs incurred in defending attacks on their trade mark after registration

Premiums start from just $215, including taxes.

“The legal costs for defending a typical trade mark case can present a real problem for businesses, particularly SMEs, as they simply don’t have the funds or resources to be able to respond,” said CFC IP Practice Leader, Erik Alsegard. “Trade Mark Protect gives these businesses access to an affordable solution to protect their valuable IP assets.”

CFC has a history of pioneering insurance solutions for emerging risks, and has built the largest dedicated IP insurance team in the London market. CFC’s IP offering includes protection for patents, trade marks, copyrights, and other intellectual property, and its policy covers the defence and pursuit of intellectual property infringement claims, which can be catastrophic for any business.

CFC and BMS have also developed a claims solution in partnership with some of Australia’s leading IP firms including Griffith Hack and Watermark. Policyholders will not have to pay a deductible when using these approved legal providers.

For more information about Trade Mark Protect insurance, visit www.trademarkprotect.com.au.

*See the Australian Intellectual Property Report 2017 at https://www.ipaustralia.gov.au/ip-report-2017

About CFC
CFC is the largest independent MGA in the UK. Our focus is speciality lines, niche markets and emerging risks, and we have the largest cyber insurance underwriting team in London. CFC is backed by Lloyd’s and delivers insurance to over 60,000 businesses in more than 60 countries.
For more information visit www.cfcunderwriting.com. Or follow CFC on LinkedIn or Twitter.

Media contact:
CFC Underwriting:
Lesley Bennett at LMR Communications
+44 (0)7815 778038
lesley@lmrcomms.co.uk

Broker auctions continue to be a hit

Broker auctions continue to be a hitWe have recently completed our third monthly broker auction and it was another hit! With hundreds of votes cast, it was a narrow win on most items which included everything from football tickets and a classic Polaroid camera to hampers and champagne.

Still the most popular item to bid on by far is the CFC Surprise Prize. This month, the lucky winner was awarded a lovely large poster of The Hoff in all his glory. Congratulations! We’re so happy this bronzed god can adorn your wall. Next month, who knows? It could be a desirable gadget or a glossy picture of Cliff Richard. We can’t say but hope you’ll keep trying your luck!

Next month’s auction will begin on Monday, October 3rd, and the prizes will be posted shortly so you can take a sneak peek before bidding opens. If you don’t know your broker login details or if you would like more information about our broker loyalty program, please click here to email us.

First broker auction is a success

First broker auction is a successThanks to everyone who made bids in our first broker loyalty sealed bid auction this month! The whole thing was a success with hundreds of votes cast and a great array of prizes claimed – everything from a box of chocolates to a pair or Bose headphones. Plus, brokers didn’t need tons of points to win – one prize was won with a single point!

The most popular item by far was the CFC “Surprise Prize”. This item will be available every month and could be anything from hard-to-get tickets to an old pencil. This month, the lucky winner will take home a pair of ladies, size 4, pink wellington boots. In fact, they are the exact pair immortalised on our company website homepage. Yep. That’s right. Pink wellies. But hey, next time, it could be something really amazing… we’ll let you decide if it’s worth the risk!

The winners from this month’s auction have been notified so sadly, if you haven’t heard from us, luck was not on your side. It’s not all bad news, however. Your points will be returned to your account for use in next month’s auction. Plus, if follow us on LinkedIn and Twitter, you could earn up to 50 bonus points! That’s 25 points each. We’ll be able to find you on LinkedIn, but make sure you email us your Twitter username to claim your points. If you’re an old follower, don’t worry. Do the same and we’ll make sure you get the points you deserve!

Please also note that 5 points will now be awarded for enquiries, renewals and new business orders in our unending attempts to make things as fair as possible. This will be reflected in your July point totals.

Not quite sure how it works? Simply click here to log in to the broker area of our website and then proceed to your "My rewards" section for more details. Don’t know your broker login details? Just click here to email us.

Thanks again everyone and good luck next month! Remember about LinkedIn and Twitter!