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Insurance against counterfeit risk


Posted By Admin on 19 March 2018

These days there are very innovative insurance products, which cover various risks for individuals and corporates. For corporates today, we have products which cover cyber breach, online threats, securing customer credits etc  but cover for risk arising out of counterfeit trade/ counterfeit availability, is yet to be offered.

It is a known fact that, the counterfeits affect the revenue of the organizations and many times, it can lead to the risk of business continuity and hefty claim for the damages from the organization. There have been many such cases where organizations businesses have been very severely affected on account of the counterfeit products. 

It is a high time that industry stops looking at counterfeits from the prism of IP legal services alone and start asking for insurance coverage for the business risk arising out of counterfeit trade. The insurance companies need to plan for such risk coverages and offer products in line with the compliance requirements within the organization. This might also result in standardization of process and continuous measurement of the business impact of the counterfeit trade.

A requirement of strong internal regulatory framework for compliances will also necessitate the use of technology and transparency in the brand protection services followed in managing counterfeits. This is also expected to increase the relevance of technology platforms like www.brandsandfakes.com, which offer best business practices for taking actions against counterfeit products.

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