Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

What the Insurance Industry Doesn't Want You to Know

By ALM Staff | Law Journal Newsletters |

Your company creates the perfect formula for a high-energy drink, and after extensive research and testing, decides to enter the market. Energy Cola is launched with an extensive national advertising campaign. Immediately after the launch, a jealous competitor sues you for trademark, trade dress, trade secret and copyright infringement. For good measure, the competitor also asserts patent infringement claims based on the methods used to bottle and manufacture Energy Cola.

What should be an exciting time for your company has turned into a crisis. As in-house counsel, your job is to manage it in a way that allows the business to proceed and to thrive. The first step you take will likely be to hire experienced litigation counsel to defend the suit. But an equally important next step ' which is often treated as an afterthought, or neglected altogether ' is to hire an experienced policyholders' insurance coverage attorney to assess what coverage is available, and to fight to secure the coverage to which your company is entitled. Many companies, unfortunately, give away their coverage for intellectual property claims because they accept their insurers' self-serving assessment that coverage does not exist. Even more unfortunate is the fact that defense counsel, risk managers, and brokers are often poorly informed about the extent of available coverage and become unwitting accomplices to the insurers. As a savvy in-house counsel, you should not accept the insurers' predictable denials at face value, but rather you should assume that you are covered until somebody proves definitively that you are not.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs Image

A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.

Coverage Issues Stemming from Dry Cleaner Contamination Suits Image

In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.