CII issues good practice guidance on intellectual property

The Chartered Insurance Institute (CII) has released a new guide on good practices to help insurance professionals maintain and protect the intellectual property (IP) rights of their clients.

The guide recommends the following practices for risk professionals when dealing with clients’ IP:

• Check if the intellectual property is registered and valued – CII noted that documentation establishing the date of the IP’s creation, its value, and how it relates to the value of the individual organisation can assist in legal disputes.
   
• Perform a risk assessment of the intellectual property portfolio – This step will aid in identifying, analysing, and responding to any risks affecting the lifecycle of registered pieces of IP; it also helps identify the potential of an infringement.
   
• Check wording of ownership and licensing agreements - Intellectual property can be “licensed-out” to another company in return for a fee or “licensed-in” if another company’s intellectual property is used to develop someone else’s business or products.
   
• Check available methods to resolve dispute – The IPO Mediation Service mediates matters relating to the full range of intellectual property (patents, trademarks, designs, copyright, trade secrets and related commercial matters).

“Given the central role that intellectual property plays in our economy, it is not surprising that organisations now invest more in intangible assets than they do in tangible assets,” commented CII director of policy and public affairs Matthew Connell.

Citing estimates from the Office for National Statistics, Connell noted that investment in intangible assets in 2018 hit £169 billion – £18 billion more than tangible assets.

“It is inconceivable that any modern approach to risk management can ignore intellectual property and building trust with corporate and SME clients increasingly means understanding how these assets work,” the director said.

The complete guide can be accessed on the CII’s website.