Protect your good name, or risk becoming the next ‘Wumart’

Protect your good name, or risk becoming the next ‘Wumart’ | Insurance Business America

Protect your good name, or risk becoming the next ‘Wumart’

Is your client losing business in China? Ask anyone who has shopped at Wumart, or grabbed a bite at… Obama Fried Chicken?

According to a recent UN report, almost 70 per cent of all counterfeits seized globally come from China – with that number even higher for North America, resulting in companies looking to insurers to protect their corporate brand.

The report from the UN Office on Drugs and Crime entitled Transnational Organized Crime in East Asia and the Pacific, shows that from 2008 to 2010 almost 70 per cent of all counterfeits seized globally come from China.

According to John Spagnuolo, spokesperson for the Insurance Information Institute, says that intellectual property insurance – and liability involving allegations of copyright or trademark infringement and protection of branding – is crucial for companies operating in a global economy.

“The dynamics of risk management have changed with technology,” adds Spagnuolo.

Insurance Business has compiled a list of brands that China has, well, appropriated, some of which landed the companies involved in hot water: (continued.)


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