Intellectual Property for the Automotive Industry
LOUISVILLE, KY--Sept. 18, 2013: With the turn of the 20th century, the Automotive Industry launched consumers into a pioneering era of innovative, and often amazing products and technologies, which led to a new and exciting mode of transportation. Since then, the industry continues to invest heavily in new product development and continues to rely significantly upon the value and importance of its intellectual property (IP).
The Automotive Industry, replete with innovative technology, remains a litigious industry sector involving IP infringement. This litigious nature can easily be accredited to rapidly emerging technology. Whether it's defending their products against predatory business practices of others, maintaining their place in the market, or enforcing their IP rights to prevent others from copying their ideas, making it their own and taking precious market share away, IP litigation is expensive and time-consuming.
IP insurance enables the policy holder to fund the litigation to enforce IP rights and/or defend against charges of IP infringement. This insurance ensures the policy holder can get through an IP lawsuit on the merits of the case, not on who has the deeper pockets to fund a lawsuit. Given its established track record of success, only IPISC has been able to offer the market a full scope of IP-specific coverages including Defense, Abatement, Multi-Peril and Unauthorized Disclosure policies on a worldwide basis. IPISC has helped ensure that the funds and the litigation support have been available for the policy holder to get through the litigation process.
IPISC's president, Robert Fletcher, reminds, "It is important for this industry in particular to understand that IP exposure can be a significant risk, yet many are not proactively advising or being advised about the availability of IP insurance. Assessing IP risk and ensuring that the right insurance protection is in place for this potentially devastating and costly exposure is essential to any company's overall financial survival."