CII guidance on mitigating intellectual property risks

The Chartered Insurance Institute has produced good practice guidance to help insurers establish and manage their customers’ intellectual property rights.

The guide recommends insurers take a number of steps, including checking if intellectual property is registered and valued, performing a risk assessment of the intellectual property portfolio, and checking the wording of ownership and licensing agreements.

The guide - which can be downloaded from the CII website - also suggests checking available methods to resolve a dispute, such as the IPO Mediation Service which mediates matters relating to the full range of intellectual property (including patents, trademarks, designs, copyright, trade secrets and related commercial matters). The CII says that the advantages of using this service include a high success rate of resolution, confidentiality, plus quicker and cheaper resolutions than lengthy and costly litigation proceedings.

Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said: “Given the central role that intellectual property plays in our economy, it is not surprising that organisations now invest more in intangible assets than they do in tangible assets.

“According to Office for National Statistics estimates, investment in intangible assets in 2018 stood at £169bn, £18bn more than tangible assets. It is inconceivable that any modern approach to risk management can ignore intellectual property and building trust with corporate and SME clients increasingly means understanding how these assets work.

“Whether mitigating these risks through insurance or other strategies, it is essential for risk professionals to be able to advise organisations on how to build and protect intellectual property.”

    Share Story:

YOU MIGHT ALSO LIKE


Cyber risk in the transportation industry
The connected nature of the transport and logistics industries makes them an attractive target for hackers, with potentially disruptive and costly consequences. Between June 2020 and June 2021, the transportation industry saw an 186% increase in weekly ransomware attacks. At the same time, regulations and cyber security standards are lacking – creating weak postures across the board. This podcast explores the key risks. Published April 2022.

Political risk: A fresh perspective
CIR’s editor, Deborah Ritchie speaks with head of PCS at Verisk, Tom Johansmeyer about the confluence of political, nat cat and pandemic risks in a world that is becoming an increasingly risky place in which to do business. Published February 2022.