Venture Programs Offers New Insurance Program

Venture Programs Offers New Insurance Program

WEST CHESTER, Pa.--Venture Programs Inc. launcheda new insurance program, VIP Defender, designed to protect companies from claimsbrought against them for alleged infringement upon third-party patents,trademarks, copyrights and other intellectual property (IP). The program isunderwritten by Hiscox Syndicate 33 at Lloyd's of London and provides for up to$2 million of protection; premiums begin at $50,000 annually, depending on thescope of protected products.

According to Venture Programs, VIP Defender is the first IPinsurance offering to focus exclusively on the industrial sector--instead oftechnology and life sciences--and the unique risks that product manufacturersface. "We view intellectual property litigation as the next great riskfactor faced by a range of companies as idea ownership becomes a battering ramused to slow or wound competitors," said Philip J. Harvey, managingdirector of Venture Programs (www.venture-ip.com)."In this respect, it is a risk like no other. More difficult to assess thanphysical damage and open to interpretation, IP represents an Achilles' heel thatcan easily be challenged."