The State Intellectual Property Office lately announced to start a patent insurance pilot program at a seminar convened in Zhenjiang, a city in Jiangsu Province. The Office introduced the background and research findings of the program, and discussed on concrete proposals of insurance products.
Aiming to improve the IP protection systems, the Office selected eight cities including Beijing, Wuhan and Zhenjiang as the first pilot cities.
The coverage of the patent insurance product included both review charges of investigating patent infringement and legal expense thereof. After paying 6% to 8% premium of the aggregate limit of liability, enterprises could enjoy a general compensation on review and notarial fees as well as traffic expenses, housing fees and food subsidies, besides, they could also get reimbursed of legal expenses on hiring lawyers, applying for arbitrations and filing lawsuits.
In addition, guaranteed corporations could also benefit from consultation services from IP protection experts from insurance systems and IP administration departments.
(Source: IPR in China)
