Coverage protects against patent litigation costsReprints
RPX Corp. said Thursday that it has launched Volatility Risk Coverage, which provides litigation insurance for companies that have rising patent litigation costs due to nonpracticing entities or patent trolls.
According to RPX, companies have difficultly planning and budgeting for patent litigation which varies annually in frequency and cost. Volatility Risk Coverage helps with the costs when a company faces a year with increased litigation activity or unexpected jumps in litigation costs. “Companies can now inexpensively transfer patent risk to a trusted partner, saving time and distraction,” John A. Amster, CEO and co-founder of RPX said in a statement.
The product is offered by RPX and insurance brokers like Crystal and Company, who partner with them, according to an RPX spokeswoman.
“We are offering companies with the potential for large scale risk a real insurance solution that no other company can,” Paul E. Scola, senior vice president for RPX Insurance Services said in the statement. “Our unique position in the patent market, having resolved more than 140 litigations and avoided more than 3,500 for our clients, allows us understand the size and scope of a company’s potential exposure, and how to best mitigate and insure against it.”