CFC 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
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.
Lesley Bennett at LMR Communications
+44 (0)7815 778038