As a result of the worldwide shift from a manufacturing economy to one based on knowledge, more importance is being placed on an organization's intangible assets, specifically its intellectual property (IP). Comprising patents, copyrights, trademarks, and trade secrets, intellectual property is now a key driver in today's business deals and company valuations. With the growth of the internet and an exploding market in IP comes an inevitable rise in increasingly complex and expensive litigation, with far-reaching ramifications. On the plus side, there is huge upside potential in using and developing intellectual property.
Marsh's Intellectual Property and Media Practice (part of the Marsh FINPRO Practice) specializes in understanding the complexities of IP and developing solutions for clients. Our practice:
- Helps clients identify and manage IP risks.
- Works with current and emerging insurance markets to provide better products.
- Provides an array of risk advisory services that enable clients to assess their IP assets and avoid or transfer risk where possible.
- Assists clients in making revenues from their IP.
Identifying and Managing IP Risks, and Providing Solutions
Owners, licensees, distributors, and those who invest or raise capital (e.g., financiers and venture capital firms) all have IP risk issues. Marketing, manufacturing, distributing, website advertising, and branding activities can result in lawsuits seeking damages and/or injunctive relief brought by IP rights holders alleging infringement/misappropriation of patents, copyrights, trademarks and trade secrets. This could impact a corporation through third-party infringement, or through a first-party financial loss.
Companies also must enforce their own IP rights. Serious financial loss (both direct and consequential) can occur as a result of theft, piracy or infringement by others, or compliance with injunctions. Solutions also can be arranged which facilitate deals, handle existing infringement situations, and use IP as a financial asset.
Marsh can provide assessment and mitigation strategies through increased communication between risk management/financial departments and general/IP counsel to help you protect your firm with traditional insurance products, specialized programs, and stand-alone products.