IPISC, the intellectual property (IP) insurance industry leader, announced that Litigation Management Services (LMS) has been included as a service to all IPISC policyholders.
The Litigation Management Services team assists policyholders by managing the legal services, processes and costs associated with IP infringement litigation.
The Litigation Management team, combined with IPISC’s extensive IP litigation management experience, time and again saves the policyholder more than the amount paid in premium.
Here’s how Litigation Management Services works. In the recently adjudicated Octane Fitness case, our Insured, Octane, won a unanimous verdict and also enjoyed the benefit of saving $344,000 in legal fees, considered outside of the billing guidelines that counsel accepted at the onset of the case.
At the time of a claim, IPISC’s LMS team monitors the legal activities of the litigating counsel to ensure the adherence to pre-negotiated billing rates and guidelines while also making sure that litigation tactics are case driven- not fee driven. The LMS team works with the policyholder, ensuring that they are aware of and understand the impact of litigation tactics at every stage, so they can effectively litigate their lawsuit while keeping hard-earned money in their pockets.
Robert Fletcher, President of IPISC, explains, "I personally do not know of any other insurance company that is a bigger advocate for their policyholders than IPISC through its Litigation Management team. The services they provide are a tremendous value-add to our policyholders when they find themselves involved in a multi-million dollar lawsuit. Generally, our policyholders do not have the resources and are not prepared to handle the ins and outs of a time-consuming litigation process." Fletcher emphasizes, "The costs to litigate IP infringement cases are high and continue to rise. Our affordable insurance products and valuable services offer real solutions for managing IP risks that companies just can’t find anywhere else in the insurance market."
IPISC’s Litigation Management team’s depth of experience, in conjunction with IPISC’s IP-specific insurance policies, ensures that companies have the monetary resources, and the support needed in the event of an IP infringement lawsuit.