Chubb offers coverage for staying competitive. (Property/Casualty).The Chubb Group of Insurance Cos. has rolled out insurance protection to help mitigate the financial risks associated with a company's intellectual property and communication initiatives. Reputation injury and communications liability insurance covers costs associated with lawsuits alleging copyright and trademark infringement Trademark infringement is a violation of the exclusive rights attaching to a trademark without the authorization of the trademark owner or any licensees (provided that such authorization was within the scope of the license). , libel or slander, product disparagement In old English Law, an injury resulting from the comparison of a person or thing with an individual or thing of inferior quality; to discredit oneself by marriage below one's class. and invasion of rights of privacy and publicity (such as the commercial misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of a famous person's name or likeness). "Companies conducting business in today's brand- and image-intensive market must not only protect their own intellectual property but must also manage the risk of infringing upon others' intellectual property assets," said Richard Reed, global practice leader for intellectual property, Chubb Commercial Insurance, Warren, N.J. The Internet has greatly increased a company's exposure to copyright and trademark infringement, as well as online defamation, disparagement and privacy violations, Reed said. If a company is sued, its general liability contract pays only for actual damages Noun 1. actual damages - (law) compensation for losses that can readily be proven to have occurred and for which the injured party has the right to be compensated compensatory damages, general damages , not for the defense of claims seeking injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. to stop its use of the materials in question. |
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