Intellectual property

In a competitive market, it is important for individuals and businesses to protect their ideas. While a product or service might be more recognisable as unique property, it is often the non-tangible idea behind it that has the true or greater value. Many focus on insuring their physical property, which can be repaired or restored. However, the same cannot easily be said about intellectual property. But how do you insure an idea?

The Intellectual Property Office (IPO) defines ‘intellectual property’ (IP) as “something that you create using your mind - for example, a story, an invention, an artistic work or a symbol”. This could be interpreted to mean the author or creator of a piece of work or idea.

Types of intellectual property include:

• Copyright (e.g., brand names)
• Patents (e.g., a property right for an inventor)
• Designs (e.g., how a product looks)
• Produced materials (e.g., writings)
• Trade secrets (e.g., confidential information)

However, intellectual property is not necessarily owned by its creator. It can also be bought through a contract or decided during a court case. This means that determining who owns intellectual property can be complicated. 

This is why it is important for insurance professionals to understand the unmet needs of their customers to be able to offer advice as well as suitable protection.

This Good Practice Guide will look at insuring intellectual property by exploring the following:

• understanding what intellectual property is

• intellectual property risks

• how to insure intellectual property

• how to avoid an infringement

• making an insurance claim

Read the Good Practice Guide HERE