As an intellectual property owner, there may come a time when you need to take legal action against an infringer. On the flip side, there may come a time when you need to defend yourself against infringement accusations. This is when insurance policy coverage may come in handy. Continue reading to learn whether your IP legal action will be covered by your insurance policy and how an experienced New Jersey intellectual property insurance coverage lawyer at The Ingber Law Firm can help you receive this reimbursement.
How do I know if my IP legal action is covered by my insurance policy?
Generally speaking, your IP legal action may be covered if you have opted into any of the following types of insurance coverages:
- A general liability insurance coverage: this is a broad type of insurance that covers general business risks.
- An umbrella insurance coverage: this is a type of extra insurance that covers beyond the existing limits and coverages of other policies.
- An excess insurance coverage: this is a type of insurance that covers additional financial limits beyond what is provided by an underlying policy.
How can I recover my legal costs from my insurance policy?
Even though you have opted for a certain insurance policy does not necessarily mean that you will receive reimbursement for your legal costs straight away. Rather, insurance companies are notorious for minimizing the payouts they distribute. This is because, in the end, it is a business that is seeking to meet its bottom line. This may cause your insurance company to claim that your policy does not provide coverage for the specific legal costs which you incurred. And they may rely on the vague and broad language of your policy to make such an argument.
What’s more, you may not be afforded a sufficient amount of legal documentation as the defendant of an intellectual property complaint. This is because the federal court may only be required to offer minimal facts within the legal complaint for it to be considered fair notice to you. With this, your insurance company may use this disadvantage against you and ultimately argue that there is not enough evidence to provide you with your due reimbursement.
Under these circumstances, it may become necessary to enter negotiations, if not litigation. Further, this is when you may require strong legal representation. Unlike an insurance provider, a lawyer is not looking for a profit but rather looking to recover the payout that you require to heal from your legal proceedings.
There is no time like the present to get your insurance coverage in order. So pick up the phone and call a skilled Essex County, New Jersey intellectual property lawyer from The Ingber Law Firm today. We are looking forward to it.