Insurance of Intangible Asset Risks

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1 Insurance of Intangible Asset Risks IP in innovative economy - Symposium Krakow, Poland 4-5 September 2008

2 Agenda Introduction to SAMIAN What do we mean by IP Risk? What insurance solutions exist for European businesses? Underwriting considerations Distribution challenges How can IPO s and Academic institutions assist?

3 Introduction to SAMIAN Overview Experience Capacity

4 Overview A specialist MGA focused solely on Intangible Assets Formed in 2007 Based in London, plus Copenhagen & Houston, TX Independent UK Investors Supporting Lloyd s Capacity

5 An experienced team London London Ian Lewis, 20 years experience with insurance and IPR Sam Bobo, 24 years experience with insurance and IPR Houston (Texas) Denmark Kim Cauthorn 19 years experience with insurance and IPR John Horsted 15 years experience with IPR (ex DKPTO) SAMIAN SAMIAN Underwriting Underwriting Agencies Limited Agencies All rights Limited Reserved All Rights Reserved. 5

6 Capacity Lloyd's is the world's leading insurance market providing specialist insurance services to businesses in over 200 countries and territories. In 2008, 75 syndicates are underwriting insurance at Lloyd's. 6

7 What do we mean by IP Risk? The two sides of the IP Risk Coin

8 Ownership First Party Risk Invalidity / Opposition / Reexamination proceedings Title Disputes Enforcement License disputes

9 First Party IP Exposure Legal costs to protect (defend ownership and scope) and enforce IP rights Loss or diminished value of IP asset, or reduced licensing or product revenues, as a result of: Invalidity Unenforceability Loss of title/ownership Infringement of other s IP

10 Liability Third Party Risks Infringement Liability Contractual Indemnity Transaction Reps & Warranties Open Source

11 Third Party IP Liability Risks Legal costs to defend against infringement allegations Resulting settlement, royalties or damages paid (liability) Consequential Losses

12 What insurance solutions exist for European businesses? Product overviews

13 IPEnforcer Covers litigation costs IP right owenrs when pursuing infringers of their IP rights Extension to include party(s) contractually indemnified by the Insured Extension to cover defence of challenges to the title or validity of the Insured s IP rights Limits of up to 2,500,000 Worldwide Territorial Limits available

14 IPGuard Covers defence costs and damages (liability) from infringement of third party IP rights Extension for party(s) indemnified by Insured Extension for Directors & Officers of the insured if named in the suit. Extension for breach of GPL Limits of up to 50,000,000 Worldwide Territorial Limits available

15 IPProtector Covers defence costs and damages (liability) from infringement of a third partys IP rights, plus enforcement costs and defence of validity/title disputes Cover for enforcement or defence of a breach of contract around IP rights Limits of up to 2,500,000 for enforcement, but 50,000,000 for defence Worldwide Territorial Limits available

16 RepSure Covers the Representations and Warranties given when IP rights are sold or transferred, namely, Freedom to Operate, Non-Infringement and good title Limits of up to 50,000,000 Worldwide Territorial Limits available 36 month policy period available

17 KeyIP Covers loss of asset value following findings of invalidity, loss of title or unenforceability or non-exploitation Limits of up to 20,000,000+ Worldwide Territorial Limits available 36 month policy period available

18 IPConseqeuntial Covers lost revenues due to imposition of injunction or infringing activity plus loss related to licensing or product revenue against findings of invalidity, loss of title or unenforceability Limits of up to 20,000,000+ Worldwide Territorial Limits available 36 month policy period available

19 IPPostEvent Covers adverse litigation costs and own disbursements for owners of IP rights when pursuing infringers of their IP rights Limits of up to 2,500,000+ Europe + AU, NZ Territorial Limits available Policy period until end of litigation

20 Underwriting Considerations Risk Factors Indemnification Preferences Underwriting Information Placement examples

21 Risk Factors What is client business Where is client domiciled Size of company IP rights v. no IP rights Blanket v. per product Market dynamics Territorial limits Any previous dispute history Any contractual considerations

22 Indemnification Preferences Indemnitor/licensor to have control of any IP infringement action Prefer for agreement to also have limitation of liability provision Indemnitor/licensor to have control over settlement Should be a cooperation obligation contractually for indemnitee/licensee

23 Risk Information Fully completed Proposal Form IP rights to be insured Patents / Trade Marks / Designs Abstracts, full text copies Search Reports Product brochures / Literature Any previous dispute history Underwriting Risk Review

24 Placement Examples Policy holder s business Limit of Indemnity Premium Rate on Line Statistical analysis software Medical device (asset sale) R&D of photobiological processes & photodynamic therapies Computer games publisher Spring water bottling, marketing, distribution Food sweeteners Consumer health products Protective head gear systems $2 million $10 million $7 million $4 million $1 million $4 million $2 million $4 million Less than 2% 10% Less than 2% 5.5% Slightly over 2% Around 4% 5% Just over 1% 24

25 Distribution challenges Knowledge of Risk Awareness of Solutions Affordability

26 Knowledge of Risk Understanding of IP value, benefits and risk is low in: SME s generally Insurance companies Insurance advisers Legal / Patent / TTO community unaware of insurance solutions

27 Awareness of Solutions Many people in Europe are unaware they can buy all the insurances mentioned above, today. Negativity received from IP attorneys and Patent Agents Insurance industry knowledge is limited at insurer and adviser levels Legal profession generally unaware of solutions even though they require insurance in contracts

28 Affordability Visit:

29 The Birth of PatentEnforcer The 3 Directors General from the French, Danish and UK Patent Office meet in London 2005 to agree a way forward

30 Denmark takes the lead Ny patentforsikring gør det lettere at håndhæve patentrettigheder Hvis et patent bliver krænket, kan det være rigtig dyrt at føre retssager mod dem, der stjæler idéen. En ny type forsikring dækker omkostningerne til patentsager og gør det dermed lettere for danske virksomheder at håndhæve deres rettigheder. Økonomi- og erhvervsminister Bendt Bendtsen: - Nu har danske virksomheder mulighed for at forsikre sig mod de ofte høje omkostninger, der er ved at håndhæve patentrettigheder. Mindre virksomheder har længe efterspurgt en patentforsikring, og med det nye produkt imødekommes ønsket. Små og mellemstore virksomheder patenterer mindre end store virksomheder. Det er et internationalt fænomen. Undersøgelser blandt mindre virksomheder peger på, at det blandt andet skyldes de høje omkostninger til patentretssager. Hvis små og mellemstore virksomheder forudser, at de vil få problemer med at finansiere håndhævelsen af et patent, og derfor patenterer mindre, vil det formindske deres incitament til at forske og udvikle. Det kan skade både virksomhederne og samfundet generelt. Patent- og Varemærkestyrelsen har i en årrække arbejdet for en patentforsikring, der især retter sig mod små og mellemstore virksomheder. Hidtil har de danske virksomheder kun haft mulighed for at købe patentforsikringer, som er udviklet særligt til den enkelte virksomhed. De har typisk været så dyre, at kun de store virksomheder har haft råd til dem. Den nye patentforsikring ligger på et lavere prisleje, hvor de små og mellemstore virksomheder har bedre mulighed for at klare omkostningerne. Forsikringen udbydes i privat regi. Yderligere information findes på Pressekontakt i Patent-og Varemærkestyrelsen: Kontorchef Anne Rejnhold Jørgensen, tlf / mob eller pressemedarbejder Anders Due, tlf / mob

31 Basis of Policy Annual renewable scheme Claims Made & Reported Subject to national law of Insured Voluntary basis On-line application

32 What is covered? Actual or suspected infringement of the Insured Patents as allowable under the patent laws of the country in which the infringement occurs Defence of counterclaims brought by the alleged infringer (noninfringement/invalidity)

33 Territorial Limits 33

34 What can be Insured? Granted Patents Patent Applications Up to 10 patent families per Insured Available for new and existing patents

35 Limits of Indemnity Select from: DKK 1,000,000 in aggregate DKK 2,500,000 in aggregate DKK 5,000,000 in aggregate

36 Eligible Insureds Companies and individuals domiciled in Denmark Not available to a subsidiary company of an non-danish firm, or a Danish national not domiciled in Denmark Applicants with a turnover up to DKK 250m

37 What can be Insured? Granted Patents Patent Applications Up to 10 patent families per Insured Available for new and existing patents

38 How much does it cost? From as little as DKK 8000 ( 800) Maximum of DKK 250,000 ( 25,000) Average Premium is 2,000 38

39 How can IPO s and Academic institutions assist?

40 Improve EDUCATION! EDUCATION! EDUCATION!

41 Any Questions? 41

42 For More Information contact Ian Lewis, Chief Executive +44 (0)

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