IPOS and Lloyd’s Asia launch insurance initiative in Singapore
The Intellectual Property Office of Singapore has united with specialist insurance market Lloyd’s Asia to launch an initiative to support innovative enterprises as they enter global markets.
In collaboration with managing agent Antares Underwriting Asia, the Intellectual Property Insurance Initiative for Innovators (IPIII) will provide enterprises with insurance coverage for legal expenses that may be incurred in IP infringement proceedings worldwide.
Enterprises and innovators with a Singapore patent, trademark or registered design can take advantage of the initiative.
The IPIII initiative was announced yesterday, June 13, by Singapore’s Minister for Education Ong Ye Kung in his keynote address at the Singapore-UK Partnership for the Future, Singapore Bicentennial 1819-2019, hosted in London.
In September last year, IPOS signed a memorandum of understanding with Lloyd’s Asia in a bid to develop the IP insurance landscape in Singapore.
In addition to introducing IP insurance products to the market, IPOS and Lloyd’s Asia agreed to organise seminars to promote Singapore as a centre of excellence for IP commercialisation, rights protection and the availability of underwriting expertise.
IPIII has been introduced at a time when Asia-based innovators are dominating IP filings at the World Intellectual Property Organization (WIPO). In 2018, more than half of all Patent Cooperation Treaty applications stemmed from Asia.
“New business risks will emerge as more enterprises use innovation and digitalisation to grow and enter global markets. With over 60 million IP in force in the world today—about 10 IP for every 1,000 people globally—securing business interests with an IP insurance policy is emerging as a business priority,” said IPOS.
Earlier this year, professional services company Aon reported that while four out of five organisations rank cyber liability and IP among the most serious business risks, only 16% of the $1 billion in potential losses have insurance coverage.
Bernard Ong, group director of policy and engagement at IPOS, said: “IP has been growing at a faster pace than the world population in the past decade. Yet, insuring IP is still nascent to a market that has witnessed multimillion-dollar patent litigation and trade disputes over IP theft.”
Ong added that initiatives such as IP insurance will anchor Singapore’s position as a financial and legal hub.
Yeo Li Shan, CEO of Antares Underwriting Asia, said: “We are proud to be participating in the IPIII and our cover will benefit IP filers by giving them confidence to develop and commercialise their IP without fear of the potential legal risks that can occur along the IP journey.”
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