Patent Attorney and Founder
Everyone I’m JD Houvener your host to the bold today’s show or you the inventor entrepreneur get your daily dose of inspiration so you can go make the world a better place [Music]
we’re in a five-part series talking about intellectual property and specifically patent insurance yeah you heard me right patent insurance soon there’s an insurance for everything these days but yesterday we just introduced the idea today I want to spend the whole session here talking about one part what one specific policy that you can use to your benefit if you believe that there are going to be infringers or maybe there already are a few out there and you want to make sure you protect the ability for you and your business develop to afford the legal fees that are going to be required in order to properly enforce all of your rights against those infringers when the process starts when you first file your application whether that’s a provisional or a non provisional patent application as soon as your attorney gets that filed for you that’s when the conversation can start because you finally have an identifiable asset you’re given a sear on them a patent application number as it were you want to speak with a claims adjuster this is a broker that works at a insurance company and we have a few that we use here from both patents and we carefully chose them so that they understand the technology and they appreciate the value of clients that we serve the insurance broker will go over the different options but for this first type of insurance policy I’m talking about today we want to look at the IP infringement policy so this is the patent holder that wants to make sure that when they get their patents granted that they can afford to pay legal fees to litigate and properly enforce their rights on would be infringers and so the the policy itself can range of course in how much it’s going to cost the first a premium out-of-pocket premium to the individual or to the entity depending how much coverage they want so that coverage discussion is probably the hardest one to make upfront when it comes to certain industries some are more cotton prohibitive than others meaning is going to be more discovery likely going to be harder to identify certain customers as it goes up the supply chain and so it takes a lot of an in-depth analysis as far as what the technology is so we can help you identify what a good range for coverage would be then of course there’s the discussion let’s like any other insurance about what kind of deductible to choose whether it’s five ten fifteen percent how much out-of-pocket we need to come up with in order to get that coverage to take place so if you have any questions about that insurance or starting this process maybe you’ve already filed your application give us a call 884 915
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