Little Swan insures intellectual property

Wuxi Little Swan Co, the winner of the China patent gold award, recently had one of its overseas patents covered by overseas intellectual property infringement liability insurance.

The insurer, Wuxi Branch of the People's Insurance Company of China, shall pay the economic compensation caused by the first lawsuit or first known potential lawsuit caused by any unintentional infringement of intellectual property rights of a third party in the country where the patented product is sold, with an insured amount up to 1.04 million yuan (about $154,194).

It is the first case of a local enterprise in Wuxi taking out an overseas intellectual property infringement liability insurance policy, which is a milestone in overseas rights protection for "Made in Wuxi".

In recent years, the Wuxi Little Swan Co. has been working to enter overseas markets.

The export share of the company's washing machines has been increasing year-by-year, and its products have been sold in more than 160 countries and regions.

In 2021, its overseas sales revenue reached 5.34 billion yuan, accounting for 23 percent of its total sales.

The Wuxi Intellectual Property Administration also subsidized 50 percent of the insurance premium paid by the company.

This year, the market supervision department has been promoting the innovation and upgrading of intellectual property insurance.

In Q1, 20 enterprises in the city insured 37 intellectual property transactions, with a total insured amount of 2.15 million yuan.

Content source: wndonline.cn