Development of Liability Insurance Products for Overseas IP Infringement Makes New Progress

To implement the requirements of "actively promoting the insurance work for overseas intellectual property infringement" as stipulated in the Several Opinions on Strengthening the Construction of an Intellectual Property Power under the New Situation by the State Council and offer guidance and protection for the Chinese enterprises to "go global," the State Intellectual Property Office (SIPO) and the People's Insurance Company of China (PICC) quickened their steps in developing overseas IP infringement liability insurance. To better adopt advanced experience of foreign cases, the PICC and related oversea companies have reached agreement on importing and developing overseas IP infringement liability insurance products. With joint efforts from multiple sides, the development work has almost finished. A training session for the product has been held recently.

Since 2011, the SIPO and the PICC began to cooperate on the development of IP insurance products that would accord to the reality of China. At present, besides the overseas IP infringement liability insurance, other license insurance under development include the intellectual property license insurance. In 2014, the SIPO and the PICC signed the Strategic Cooperation Agreement on Intellectual Property Insurance which further supplemented the product system, standardized the business process and perfected IP insurance services.

(Source: SIPO)