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 insurance (IP).
Under the MoU, Lloyd's Asia will collaborate with IPOS to introduce IP insurance products that meet the needs of companies in raising capital, preventing business interruptions and strengthening bargaining positions when they use IP in their business operations.
Both parties will also jointly organize a series of seminars for 100 companies over a period of two years to "promote Singapore as a center of excellence for IP commercialization, IP rights protection and the availability of insurance expertise for IP insurance," business statement.
As a strategic business tool, IP insurance enables companies to take on greater capacity in controlling and mitigating their risks, while commercializing their intangible assets and intellectual property and entering global markets.
"Intangible assets such as IP are now responsible for a significant share of business value for many companies," said Angela Kelly, Country Manager of Lloyd's Asia. "Companies can protect this very valuable asset through IP insurance to reduce the risks of infringements of intellectual property rights, including settling legal fees for possible future enforcement of IP rights. Already more than 50,000 trademark registrations and more than 7,000 patent registrations are in place in Singapore, while companies in Asia continue to pursue and develop innovative ideas and solutions, the IP insurance potential in the region will increase, "noted Kelly
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Lloyd's, Asia Pacific, Singapore, Insurance, Intellectual Property, IPO, MOU, Angela Kelly