Recently, the State Intellectual Property Office of China signed a Strategic Agreement on Intellectual Property Insurance (hereinafter as the Agreement) with People's Insurance Company of China (PICC). The Agreement is assumed to promote full development of IP insurance industry by fully utilizing the resource of both parties.
The Agreement will be aimed to meet the demands of enterprises. PICC will enrich the IP insurance products, improve the efficiency of IP insurance claims processing, and intensify the professional personnel training to enhance their quality of services. Meanwhile SIPO and the PICC will establish risk-control and risk diversification mechanism and explore a marketization model for IP insurance operation.
It is learnt that IP insurance pilot program has been launched by SIPO and PICC since 2011, insurance products including patent enforcement insurance, patent attorney’s professional liability insurance and patent infringement insurance. As of now, the IP insurance pilot program has been carried out in 27 cities nationwide.
