Lloyd’s seeks Asia IP insurance expansion through Singapore deal
Lloyd’s Asia has signed a memorandum of understanding (MoU) with the Intellectual Property Office of Singapore (IPOS) to expand the portfolio for intellectual property (IP) insurance products.
Under the MoU, Lloyd’s Asia will work with IPOS to introduce IP insurance products which will cater to the needs of enterprises in attracting capital, averting business interruption and strengthening negotiating positions when they use IP in the course of their business.
Both parties will also jointly organise a series of seminars reaching out to 100 companies over a period of two years to “promote Singapore as a centre of excellence for IP commercialisation, IP rights protection and the availability of underwriting expertise for IP insurance,” according to a corporate statement.
As a strategic business tool, IP insurance allows companies to take on a larger capacity in managing and mitigating their risks as they commercialise their intangible assets and IP, and venture into global markets.
“Intangible assets such as IP now account for a significant share of corporate value for many companies,” said Angela Kelly, country manager of Lloyd’s Asia. “Businesses can safeguard this highly valuable asset through IP insurance to help mitigate the risks of IP infringement, including defraying legal costs of possible subsequent IP rights enforcement. In 2016, there were over 50,000 trademark registrations and over 7,000 patent registrations in Singapore alone. As companies in Asia continue their pursuit and development of innovative ideas and solutions, the potential for IP insurance will grow in tandem in the region,” Kelly noted
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