If you are put in a situation where you have to defend against an unfair competition, copyright, or trademark lawsuit, you may require that your insurance company cover you for the legal expenses you have incurred. After your lawsuit, you may be wondering what will have to your insurance premiums. Read on to discover whether your premiums will go up after your intellectual property insurance claim and how a seasoned New Jersey intellectual property insurance coverage lawyer at The Ingber Law Firm can help you work with your insurance company.
Why should I have intellectual property insurance?
Put simply, examples of when it may be best to have intellectual property insurance coverage are as follows:
- In the instance that you apply to obtain intellectual property rights.
- In the instance that you are giving out intellectual property rights.
- In the instance that you are licensing intellectual property rights.
The reasoning behind this is that, with any of the above transactions, there may be legal issues that arise. So, when having to hire an attorney and attend court for your intellectual property lawsuit, you will likely incur hefty fees (i.e., attorney fees, court costs, and other legal fees). You should not have to pay for the consequences of an intellectual property lawsuit, especially when you are not the at-fault party. And for this reason alone, it is important to have your own commercial general liability/umbrella/excess insurance company.
Notably, the reimbursement of defense fees may be triggered in the following ways:
- The receipt of demand to cease and desist from infringement or to license under asserted intellectual property rights.
- The receipt of complaint.
- The receipt of counter-claim or third-party claim.
- The entry of judgment.
- The notice of appeal.
Will my premiums go up if I make an intellectual property insurance claim?
With the ideal insurance policy, your insurance company is supposed to reimburse you for the costs you incurred for defending your claim. But if you believe that you did not receive the proper coverage, you may have to negotiate or even undergo litigation proceedings once more. Rest assured, this is when a competent New Jersey intellectual property insurance coverage lawyer can come into play.
And as far as premiums go, this should be relatively stable following your litigation proceedings. This is because there has been great competition among insurers and flat sales over the past few years. But if you believe that your premiums unnecessarily increased after your intellectual property insurance claim, then you must consult with a proficient Essex County, New Jersey intellectual property lawyer.
As a rule of thumb, you should be researching different premiums every year or so to ensure that you are not overpaying your current insurer. If you need help getting started with this, then contact our firm today.