Insurance policies cover IPR infringement liability

The Guangzhou branch of the PICC Property and Casualty co-signed insurance policies with two companies on Thursday for overseas intellectual property right infringement liability, the first policies of this kind in the country.

The insurance product offers a combined 7.25 million yuan ($1.02 million) compensation to the companies, which are Guangzhou Kingfa Science and Technology Co and Comba Telecom Systems Holdings, both in the Guangzhou Development District.

The guideline on strengthening intellectual property rights protection jointly issued by the general offices of the Communist Party of China Central Committee and the State Council in November last year includes the call for stronger aid to Chinese companies in safeguarding their rights in overseas markets.

The guideline encourages insurance companies to provide products such as overseas IPR infringement liability insurance.

To promote IPR-driven development, the administrative committee of Guangzhou Development District has issued a series of policies for supporting companies in enhancing their IPR-related capacity.