Australian-first trademark-defence insurance now available

Australian-first trademark-defence insurance now available | Insurance Business

Australian-first trademark-defence insurance now available

BMS Risk Solutions, in partnership with CFC Underwriting and Griffith Hack, has launched a sustainable and affordable trademark-defence insurance for small to medium enterprises (SMEs).

The new service enables trademark applicants and owners to meet the costs of defending their trademark against an opposition to their trademark registration or application for removal of their trademark. It offers two types of cover for all types of trademarks accepted or registered in Australia:

  • Pre-registration, which is intended to provide cover during the opposition to registration process only; and
  • Post-registration, which is intended to provide cover post-registration and the insured is required to renew the policy every 12 months.

“Trade Mark Protect represents an Australian first as an insurance product designed to meet the needs of trademark applicants and owners,” said Patricia Kelly, director general at IP Australia. “This will ensure Australian SMEs are able to leverage the value of their trademarks through better access to legal support.”

The product can be purchased from BMS and partners, and is only available for use within Australia, but can be purchased and taken out by those filing from overseas into Australia. Trade Mark Protect does not protect customers when enforcing their trademark.

BMS and partners were selected by IP Australia to develop the trademark-defence insurance product and to “build SME confidence in the Australian IP system.” The government agency receives no benefits from the sale of any insurance policies.

 
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