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

CFC enhances UK tech cover with patent endorsement

Pair of glasses magnifying the words patent infringement on an official documentWe’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.

View the product leaflet here.

CFC expands IP team with new appointment

Intellectual Property15 Oct 2014: Specialist lines underwriting agency CFC, has today announced the appointment of Matthew Muggeridge as an underwriter on their intellectual property team.

Matthew joins CFC from Liberty Special Markets where he held the position of Underwriting Assistant within its strategic assets department. He has experience in devising innovative insurance products for emerging risks, with a strong focus on US-domiciled intellectual property and cyber underwriting.

In his new role, Matthew will work alongside Erik Alsegard, Intellectual Property Practice Leader, and the CFC IP team to drive forward the development and growth of CFC’s recently launched IP product.

Speaking about Matthews’s appointment, Alsegard said: “All business sectors now face increased competition where intellectual property is seen as a key competitive advantage, and this means that the associated risks are increasing. Our IP product is tackling these issues head on and has made a big impact in the market, but we are driven to achieve more. Matt’s knowledge of the IP needs of businesses around the globe, US IP law and insight into emerging IP risks will be invaluable in helping us achieve our ambitions. He is a great fit for our team, all of whom are selected based on their ability to innovate and deliver fresh ideas to specialist insurance markets.”

Matthew commented: “CFC offers me a new and exciting challenge. I look forward to building on the experience I have already gained at Liberty, and to working alongside Erik and the rest of the CFC team. CFC’s IP product is an example of true innovation in a highly complex and competitive market and I could not be more thrilled to be part of it.”

CFC launches new intellectual property product

CFC915195 (2)16 Jul 2014: Specialist lines underwriting agency CFC has today announced the launch of its new intellectual property product. With a focus on small and medium sized companies, this product can cover the costs associated with a number of intellectual property exposures, not least, infringement.

Speaking about the launch Erik Alsegard, Intellectual Property Practice Leader at CFC said: “All business sectors now face global competition where intellectual property (IP) is seen as a key competitive advantage, whether it is a patent, trade mark or other rights. The importance placed on IP also means that the associated risks are increasing and despite the best intentions any company may face infringement allegations, be it from a competitor or a patent troll. To the same extent, as the owner of IP rights, there is little point in holding on to the rights if you cannot afford to enforce them when necessary.”

CFC’s new product addresses these issues and provides a comprehensive solution which covers not only the costs and potential damages in the defense or enforcement of an infringement action but also the potential loss of a right or a loss of profit. Where a right is lost through a dispute, the costs incurred in obtaining and maintaining the right can be recovered by the insurance. In the event that a company is unable to continue selling its product, it can also cover the loss of profit.

Erik expanded on this point, stating: “With the broad scope of cover available under our new IP insurance, we want to enable our customers to operate in a competitive environment by removing the significant costs incurred if any of the risks come true. Unless you are a very large company, IP litigation and associated costs can harm the balance sheet significantly and potentially prevent trading.”

CFC launches new intellectual property product

16th July 2014

Specialist lines underwriting agency CFC has today announced the launch of its new intellectual property product. With a focus on small and medium sized companies, this product can cover the costs associated with a number of intellectual property exposures, not least, infringement.

Speaking about the launch Erik Alsegard, Intellectual Property Practice Leader at CFC said: “All business sectors now face global competition where intellectual property (IP) is seen as a key competitive advantage, whether it is a patent, trade mark or other rights. The importance placed on IP also means that the associated risks are increasing and despite the best intentions any company may face infringement allegations, be it from a competitor or a patent troll. To the same extent, as the owner of IP rights, there is little point in holding on to the rights if you cannot afford to enforce them when necessary.”

CFC’s new product addresses these issues and provides a comprehensive solution which covers not only the costs and potential damages in the defense or enforcement of an infringement action but also the potential loss of a right or a loss of profit. Where a right is lost through a dispute, the costs incurred in obtaining and maintaining the right can be recovered by the insurance. In the event that a company is unable to continue selling its product, it can also cover the loss of profit.

Erik expanded on this point, stating: “With the broad scope of cover available under our new IP insurance, we want to enable our customers to operate in a competitive environment by removing the significant costs incurred if any of the risks come true. Unless you are a very large company, IP litigation and associated costs can harm the balance sheet significantly and potentially prevent trading.”