Intellectual property (IP) is perhaps your client’s most valuable asset, and yet IP risk management is typically disjointed and misunderstood. IP risk management is not merely purchasing gobs of insurance but rather implementing a system of self-evaluation, risk identification and risk reduction techniques to minimize exposure to loss.
Because IP counsel are often myopically focused upon the technical issues before them, they neglect to consider whether the client has or should obtain insurance coverage covering the claim. The landscape of IP insurance coverage and risk management is thorny, rapidly changing and, to make matters worse, timing is often critical. With a little planning, however, a company facing IP risks can protect against punitive damages as well as both known and unknown loss.
Risk Management: More Than Buying Insurance — It’s a System
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