Lloyd’s Asia has signed a memorandum of understanding (MoU) with the Intellectual Property Office of Singapore (IPOS) to expand the portfolio for intellectual property (IP) insurance products, enabling innovating companies more protection for their intangible assets.
According to the press release for the signing, IP insurance will allow companies to take on a larger capacity in managing and mitigating their risks as they commercialise their intangible assets and IP, and venture into global markets.
Touching on the MoU signing in her opening address, Indranee Rajah, minister in the prime minister’s office, second minister for finance and second minister for education highlighted how the rise of litigation is impacting businesses. She said: “Prohibitive litigation costs have always been a concern amongst enterprises looking to enforce their IP rights, and this is particularly so for enterprises seeking to expand into the global market.”
Explaining the benefits to come from the MoU, Rajah said that IPOS and Lloyd’s Asia will be able to jointly promote IP insurance “as a strategic tool to help innovative enterprises manage and mitigate IP litigation expenses.”
Angela Kelley, country manager, Singapore for Lloyd’s Asia commented: “Intangible assets such as IP now account for a significant share of corporate value for many companies. Businesses can safeguard this highly valuable asset through IP insurance to help manage the risks of IP infringement, including defraying legal costs of possible subsequent IP rights enforcement”
Daren Tang, chief executive of IPOS said: “Our aim is to build Singapore’s innovation ecosystem so that ‘from Singapore and through Singapore’ IP from anywhere in the world can use this country as a base to commercialise their IP and access growth markets in Asia and beyond.”
Under the MoU, both parties will organise a series of seminars to promote Singapore as a centre for excellence for IP commercialisation, IP rights protection and the availability of underwriting expertise for IP insurance, with the aim of reaching out to 100 companies over the next two years.