IPOS unites with Lloyd’s Asia to boost IP insurance market
The Intellectual Property Office of Singapore (IPOS) is to partner with specialist insurance market Lloyd’s Asia in a bid to develop the IP insurance landscape in Singapore.
A memorandum of understanding (MoU) will be signed between the two parties at the IP Week @ SG 2018 conference, which takes place today and tomorrow.
Lloyd’s Asia will work with IPOS to introduce IP insurance products to the market and cater to the needs of enterprises in “attracting capital, averting business interruption and strengthening negotiating positions when they use IP in the course of their business”.
IPOS and Lloyd’s Asia have agreed to organise seminars reaching out to 100 companies over two years to promote Singapore as a centre of excellence for IP commercialisation, rights protection and the availability of underwriting expertise.
Angela Kelly, country manager of Lloyd’s Asia, said: “Businesses can safeguard this highly valuable asset through IP insurance to help mitigate the risks of IP infringement, including defraying legal costs of possible subsequent IP rights enforcement.”
Ng Yao Loong, assistant managing director, development and international group of the Monetary Authority of Singapore, said: “The collaboration between IPOS and Lloyd’s Asia reinforces Singapore’s position as Asia’s leading speciality insurance hub.”
He noted that this development reflects how Singapore’s insurance sector is innovating and creating solutions to help Asian enterprises better manage their risks.
Through its training and education arm, IP Academy Singapore, IPOS will also sign an MoU with NUS School of Continuing and Lifelong Education to develop a joint professional certification for IP and innovation skills.
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