Insurance provider CFC, and broker, BMS, have joined forces to deliver Trade Mark Protect, a new set of insurance products to help Australian businesses protect their intellectual property assets.
The number of trade mark filings made in Australia has grown over the last decade, and the vast majority, 90 percent, of those are individuals or SMEs. As filings have grown, the number of oppositions to these filings has also grown.
To help small and medium enterprises navigate the intellectual property (IP) lifecycle, in March 2017 IP Australia challenged the market to develop a sustainable and affordable option for trade mark applicants and owners. They were the first government IP office to spearhead such an initiative.
“The legal costs for defending a typical trade mark case can present a real problem for businesses, particularly SMEs, as they simply don’t have the funds or resources to be able to respond,” said CFC IP Practice Leader, Erik Alsegard. “Trade Mark Protect gives these businesses access to an affordable solution to protect their valuable IP assets.”
Following a competitive tender process managed by AusTender, IP Australia selected the solution presented by CFC and BMS, which launched to the public this month.
Trade Mark Protect can protect businesses of all sizes against oppositions and other challenges to trademarks in Australia. The product suite offers two options:
- TM Opposition Cover delivers a world-first insurance product that covers the legal costs incurred in defending against oppositions to trade mark applications
- Registered TM Cover protects businesses against the legal costs incurred in defending attacks on their trade mark after registration
This IP offering includes protection for patents, trade marks, copyrights, and other intellectual property, and its policy covers the defence and pursuit of intellectual property infringement claims, which can be catastrophic for any business.