What is Patent Infringement?
Patent insurance is a form of intellectual property insurance. Patent insurance is meant to protect the patent holder in the even that a third party infringes up on the r patent, or intellectual property, and causes the patent holder a financial loss.
There are two types of patent infringement insurance:
- A defensive policy will assist an insured if they have been sued for infringing upon someone else’s patent or intellectual property.
- Patent litigation insurance, also known as patent abatement insurance, covers legal costs associated with defending a holder of a patent or someone’s intellectual property if they have to sue someone else for patent infringement.
What is the cost for Patent Insurance?
On average, patent infringement lawsuits cost around $2.8 million if the disputed idea is worth anywhere from $1 million to $25 million. Damages are usually around $9 million. Premiums for patent infringement insurance can range from $10,000 to over $50,000 annually and are based on a number of factors.
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Patent Infringement Specialists
SciTech Insurance Pros is a specialized Patent Infringement Insurance Agency located in San Antonio, Texas. We provide tailored insurance solutions to each and every one of our clients since we are an independent agency.
We serve San Antonio, Austin, and Dallas areas as well as throughout Texas, California, Washington, and many other states nationwide.
We provide specialized coverages such as Professional Liability Insurance, PCI Compliance Insurance, Product Liability Insurance, Technology Insurance, Clinical Trials Insurance, Cyber Insurance, Patent Insurance, and many more.
SciTech Insurance Pros is more than an insurance policy, we are your gateway for securing and protecting your Business. Call us at 210-545-5100
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Patent Infringement Insurance Specialists
A small company based in Texas won its patent infringement lawsuit against Nintendo of America. The jury awarded iLife Technologies $10 million in damages when it decided that Nintendo’s Wii controllers infringe on iLife’s six patents on motion-sensing technology.
The suit stated that Nintendo’s Wii and Wii U controllers use accelerometers to track how a player is moving their hands relative to their environment, which is a system iLife says it invented and patented for use in medical monitors that would automatically call an ambulance if an elderly person fell or if a baby was at risk of dying from sudden infant death syndrome.