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    03:35 PM Singapore Law Blog

    Intellectual Property Insurance Initiative for Innovators

        

    IPOS announced a new initiative today with Lloyd’s Asia and Antares Underwriting Asia – the Intellectual Property Insurance Initiative for Innovators (IPIII). The initiative will give innovative enterprises insurance coverage for legal expenses that may be incurred in intellectual property (IP) infringement proceedings worldwide, which can often be expensive and detrimental to business cash flows.

    The initiative comes at a time when value in the global economy is increasingly created in the form of intangible assets, and new business risks are emerging as enterprises use innovation to enter global markets. Yet, on average, while enterprises have adequate insurance for their property, plant and equipment, their intangible assets continued to be under insured despite a higher potential business loss.

    This was announced earlier today by Minister for Education Ong Ye Kung in his keynote address at the Singapore Bicentennial 1819 – 2019.

    Please see the press release here.

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