Intellectual property (IP) is perhaps your client’s most valuable corporate asset, and yet IP risk management is typically disjointed and misunderstood. Risk management is not merely purchasing gobs of insurance but rather a system of self-evaluation, risk identification and implementing risk reduction techniques to minimize exposure to loss. Failing to advise your client that a potential claim may be insured is not only bad practice, but it may be malpractice.
The landscape of insurance coverage and risk management is changing rapidly. To make matters worse, timing in IP insurance claims is of the essence because your client will lose its insurance rights if you do not give timely and appropriate notice. Unfortunately, IP counsel and client facing IP risk are often myopically focused upon the complexity of the claim before them, and they fail to consider whether existing insurance coverage will provide either defense or indemnity. With a little planning, a company facing IP risks can protect against punitive damages as well as both known and unknown loss.
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