27 June 2019
On 13 June 2019, the Intellectual Property Office of Singapore (“IPOS”) announced the launch of the Intellectual Property Insurance Initiative for Innovators (“IPIII”). IIPI provides innovative enterprises insurance coverage for legal expenses that may be incurred in intellectual property (“IP”) infringement proceedings worldwide. The insurance policy is underwritten by Antares Underwriting Asia, on behalf of a syndicate at Lloyd’s of London.
The IPIII allows enterprises and innovators with a Singapore patent, trade mark or registered design to get an insurance policy with substantial cost savings to pay the legal costs of enforcing IP rights or defending against allegations of IP infringement. The insurance policy will cover the legal costs of pursuing and defending actions, as well as the legal costs of an opponent in an unsuccessful case.