Recently, the Hainan Branch of PICC Property & Casualty Company Limited launched China’s first intellectual property infringement liability insurance policy (globally). This innovative insurance product aims to provide comprehensive protection for potential intellectual property infringement risks, both domestically and internationally, for enterprises.
Launch of the Insurance Policy
Hainan Zhuoli Pharmaceutical Co., LTD., located in Haikou National High – tech Zone, is one of the first enterprises to purchase this insurance product. The company will receive all – round protection for the potential intellectual property infringement risks associated with one of its drugs, both in China and globally. This move is expected to help the enterprise expand its global market presence.
Features of the Insurance Product
The Intellectual Property Infringement Liability Insurance (Global) product offers protection for:
Economic compensation liability and legal costs arising from litigation and rights protection due to the infringement of third – party intellectual property rights during manufacturing, use, sale, import, and export processes.
Legal costs for dealing with the “337 investigation” in the United States.
Domestic trademark infringement liability.
This product marks the first time that full coverage of intellectual property infringement risk protection has been achieved both domestically and internationally.
Benefits for Enterprises
Liu A’na, General Manager of Hainan Zhuoli Pharmaceutical Co., LTD., highlighted that the insurance product meets the company’s core needs. The product pricing and service content align with expectations, resulting in a high overall satisfaction rate. The insurance aims to minimize the cost of enterprise rights protection, crucially providing good intellectual property services and reducing the occurrence of intellectual property infringement incidents.
Intellectual Property Protection Challenges
The process of intellectual property rights protection often faces long cycles and high costs, requiring significant investment of time, human resources, material resources, and financial resources. Intellectual property infringement can also damage brand reputation and lead to a decline in product sales.
Integration of Intellectual Property Services and Insurance
The Haikou Intellectual Property Service Industry Cluster has integrated the full – process service chain of intellectual property, introducing financial institutions such as PICC to play a linking role. By integrating professional institutions for patent application, rights confirmation, rights protection, and legal services with insurance services, an integrated ecosystem of “intellectual property services + finance and insurance” has been formed. This ecosystem addresses the pain points of funds and risks in the application, transformation, trading, and rights protection of intellectual property rights.
Future Plans
The relevant person in charge of the Haikou Intellectual Property Service Industry Agglomeration Zone stated that they will continue to conduct regular training activities. Experts, lawyers, and scientific researchers will provide specialized training on intellectual property layout, infringement prevention, and compliance management to enhance enterprises’ intellectual property management capabilities. In the next step, they will rely on the resource agglomeration advantages of the agglomeration zone to establish a regional intellectual property insurance service network. This network will strengthen the synergy between insurance and the industry, provide convenient insurance consultation and purchase services for enterprises, customize insurance products based on enterprise demands, and enhance the coverage and accuracy of intellectual property insurance.
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