You may think your intellectual property insurance policy will come in handy in the unfortunate event that you are involved in a lawsuit. However, these policies are typically vague and broad in their language, and recovering your legal costs may pose a greater challenge than you may have expected. Continue reading to learn why it is important to have intellectual property insurance and how an experienced New Jersey intellectual property insurance coverage lawyer at Ingber Law Firm can help you bring legal action against your insurance company.
Why is it important to have intellectual property insurance?
Regardless of whether you filed an intellectual property lawsuit or you have one placed against you, you will need to employ an attorney and likely go to court. With this comes hefty attorney fees, court costs, and other legal fees. You do not deserve to have to pay the consequences for defending your intellectual property. For this reason, it is important to have your own commercial general liability/umbrella/excess insurance company.
Ideally, with the right policy, your insurance company is supposed to reimburse you for the cost incurred in defending your claim. If you believe that you are not receiving the coverage that you are entitled to, you will have to negotiate, or if necessary, undergo litigation proceedings. This is where one of our competent intellectual property insurance coverage lawyers can step in.
What happens if my intellectual property insurance policy does not cover legal action?
Firstly, it is important to note that most intellectual property lawsuits are filed in federal court. With federal courts only requiring a notice pleading, minimal facts are provided to the defendant in the legal complaint. More facts may not be realized, if at all, until the discovery proceedings when depositions and interrogations are made and the defendant makes counterclaims. And even with this, the breadth of the facts may not be helpful nor determinative.
Due to this, you may find it difficult to collect a sufficient amount of information from your legal documents to provide as evidence to your intellectual property insurance company. Consequently, your insurance company may argue that your policy does not provide coverage for your legal fees. They may also take advantage of the vague and broad language used in their policy to argue that you cannot be covered.
So, if none of the claims or documents that materialized from your case trigger coverage, you must retain the services of a skilled Essex County, New Jersey intellectual property lawyer. Notably, we are knowledgeable in intellectual property insurance company policies and we are experienced in litigating the fine points of said policies. So, whenever you are ready to get the reimbursement that you rightfully deserve, give our firm a call and schedule your initial consultation.