Lloyd’s Asia, Antares launch IP insurance initiative in Singapore
Specialist insurance market Lloyd’s Asia and managing agent Antares have teamed up with the Intellectual Property Office of Singapore (IPOS) to launch an initiative to support innovative enterprises as they enter global markets.
The Intellectual Property Insurance Initiative for Innovators (IPIII) will provide enterprises with insurance coverage for legal expenses that may be incurred in IP infringement proceedings worldwide. Enterprises and innovators with a Singapore patent, trademark or registered design will be able to take advantage of the initiative.
The policy will be underwritten by Antares Underwriting Asia, on behalf of Syndicate 1274 at Lloyd’s of London.
“Antares has been an integral part of the development of the memorandum of understanding between Lloyd’s Asia and IPOS," said Yeo Li Shan, CEO of Antares Underwriting Asia. "We are proud to be participating in the IPIII and our cover will benefit IP filers by giving them confidence to develop and commercialise their IP without fear of the potential legal risks that can occur along the IP journey.”
Bernard Ong, group director of policy and engagement at IPOS, said: “IP has been growing at a faster pace than the world population in the past decade. Yet, insuring IP is still nascent to a market that has witnessed multimillion-dollar patent litigation and trade disputes over IP theft. The new insurance initiative is timely in a global economy increasingly powered by the new currency of intangible assets."
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