Update: An Important Message from the IPIC Insurance Committee (November 2024)
Gain access to a comprehensive professional liability insurance program with your IPIC membership!
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You have spent years developing your practice: don’t put it at risk by leaving yourself vulnerable to claims. Risk management requires ongoing attention from all modern businesses, and IP practices are no exception. IPIC’s professional liability insurance program is exclusive to IPIC and is available to all registered Canadian patent agents and trademark agents who are members of IPIC, whether working in a sole or small practice or a large firm. The Program includes access to an expert panel of IPIC members who advise on rectification of potential claims, eliminating or minimizing damage from member error. IPIC also offers periodic webinars and AGM presentation (2013,2014,2017,2018,2020) on how to identify and avoid professional liability claims, including those originating in foreign jurisdictions. The webinars, while available to all members at a cost, are free to members of IPIC’s insurance program.
“IPIC recognized the importance of appropriate protection for both the public and the profession long prior to the inception of CPATA. As a service to Members and not for profit, IPIC volunteers have worked to ensure the availability of professional liability coverage for Members’ practices which provides the broadest protection at the lowest cost for Member firms of all sizes. The IPIC Insurance Program has been in place for over 30 years, providing stable, long-term rates and broad coverage for the profession. The IPIC Insurance Committee closely monitors the Program and is directly involved in negotiating rates and coverage, annually.” - Tim Lowman, Chair, IPIC Insurance Committee
Advantages of the IPIC Insurance Program
Please note IPIC’s Insurance Program is optional and not included in the price of membership.
IPIC’s Insurance Program policy exceeds the College of Patent Agents and Trademark Agents (CPATA)’s insurance requirements, and is one of the few programs to have been confirmed by CPATA to meet their needs.
Coverage
- Broad definition of Patent or Trademark agency Professional Services
- Worldwide coverage
- We will defend professional negligence claims made against Members in any jurisdiction
- Coverage for qualified Canadian domiciled Members’ practice in the USPTO
- Arbitration Clause
- If an arbitration clause is written into the client engagement letter and is used in the settlement of a dispute, only 50% of the deductible will apply
- Aggregate Limit
- There is no aggregate limit on the policy with the exception of the US where it is $1MMlimit with $2MM aggregate, minimum
- Coverage for personal corporations
- Allow for shared individuals – as long as both firms are insured under the program
- Coverage for Canadians that are licensed U.S. attorneys and practicing as trademark agents under USPTO
- Coverage for US citizens domiciled in Canada but prosecuting patents worldwide
- Consultants can be included in coverage
- 24-month policies are available – locking in a reduced rate for a full 2 years
- Cyber liability included
Claims
- All claims handled by an IP lawyer – not an insurer’s in-house lawyer or standard insurance defense counsel as with coverage by others.
- Assigned counsel will always be from the IP profession
- Rectification Process
- Upon approval of client, claim will be redacted and sanitized and a report will be sent to a committee of peers to find a possible rectification for the incident. This is a unique service of the IPIC Program
Documents:
- The above information is also available from Magnes in PDF form, click here.
- For sample engagement and related letters drafted by the Insurance Committee, click here.
Updates:
An Important Message from the IPIC Insurance Committee (November 2024)
An Important Message from the IPIC Insurance Committee (October 2021)
Have some insurance coverage already? Contact IPIC’s Insurance broker to determine whether your coverage is sufficient.
Contact:
For more information, or for a quote for the IPIC Insurance plan please contact:
R.J Farnworth, The Magnes Group Inc.
Direct: 905-466-4711
Office: 905-845-9793, 363
rjfarnworth@magnesgroup.com