Where do I find my trade mark number?
After applying for your trade mark, it may take 1-2 weeks for you to receive a letter entitled notice of filing. This letter will contain your trade mark number as is the first time your trade mark number is issued. Once you have this number, you can then apply for Trade Mark Protect online.
Why is trade mark insurance important?
Intangible assets, such as trade marks, data and intellectual property are becoming increasingly valuable. More and more, traditional physical asset based companies are being replaced at the top of the food chain by their data based counterparts, such as Google and Facebook.
Your IP is just as important as your product. It is the foundation of your business model on which you build your customer service, branding and reputation. It deserves to be protected just like a physical asset.
How valuable is my IP?
Based on a 2015 Ocean Tomo survey, intangible asset value has increased from 17% of business value in 1975 to 87% of business value in the present day. More than ever, your intellectual property is your business.
What is a trade mark dispute?
Trade Mark disputes arise when a third party challenges your ownership of your trade mark. This may occur if your mark is based on intellectual property you don’t own or is too similar to an existing trade mark or even an unregistered design, name or slogan. These may not have shown up in your original searches but could still result in a dispute.
What does a dispute cost?
What does a dispute cost?Disputes vary in cost and can be as low as $1,000 to resolve. However, there are a number of outcomes which could prove considerably more expensive. Disputes can go as high as the federal court and cost thousands of dollars in legal fees. Aside from the legal fees, maintaining some level of ownership over your trade mark may require a compromise with long term financial impacts, such as entering a licencing or royalties arrangement with a third party.
The worst outcome of a dispute is losing the rights to your trade mark which, depending on your circumstances, could require a costly and time consuming rebrand resulting in loss of existing customer base, reputation and brand loyalty.
What can insurance cover?
While coverage can vary, trade mark insurance aims to cover the legal fees incurred in defending your trade mark. Some insurances can also extend to cover the costs of pursuing parties who infringe on your IP, loss of profits and loss of rights.
What is Trade Mark Protect?
Trade Mark Protect is a type of IP insurance that specifically covers the risk of your trade mark being challenged. These challenges can come in either the opposition period or even after your trade mark is considered registered. Trade Mark Protect is made up of two policies:
|Trade Mark Opposition Cover||Registered Trade Mark Cover|
|Limit||From $50,000||From $50,000|
|Cover||Defense Opposition to Registration||Defend Application for Removal|
|Policy Length||Two Month (Opposition Period) Cover||Twelve Month Renewable Cover|
(incl government charges)
|From $215||From $215|
*Policy terms and conditions apply.
How are the costs covered?
BMS and our underwriter, Lloyds of London will work with your Attorney to progress your claim, meaning you don’t have to worry about payment to the Attorney for services given in accordance with the policy wording.
How do I purchase the policy?
You can get a quote online today.