Lloyd’s Asia and managing agent Antares have partnered with the Intellectual Property Office of Singapore (IPOS) to introduce an intellectual property insurance initiative.

Known as the Intellectual Property Insurance Initiative for Innovators (IPIII), the scheme will offer insurance coverage for legal expenses, which they may incur in IP infringement proceedings.

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Through IPIII, entities and innovators with a Singapore patent, trademark or registered design will be able to buy insurance policy that pays for IP legal cases.

On behalf of Syndicate 1274 at Lloyd’s of London, the policy will be underwritten by Antares Underwriting Asia.

Antares Underwriting Asia CEO Yeo Li Shan said: “Antares has been an integral part of the development of the memorandum of understanding between Lloyd’s Asia and IPOS.

“We are proud to be participating in the IPIII and our cover will benefit IP filers by giving them confidence to develop and commercialise their IP without fear of the potential legal risks that can occur along the IP journey.”

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IPOS group director of policy and engagement Bernard Ong said: “IP has been growing at a faster pace than the world population in the past decade.

“Yet, insuring IP is still nascent to a market that has witnessed multimillion-dollar patent litigation and trade disputes over IP theft. The new insurance initiative is timely in a global economy increasingly powered by the new currency of intangible assets.”

IPOS operates as a government agency of Singapore and uses its intellectual property expertise and networks to boost growth.