Baku, Azerbaijan, July 10
By Kamala Mammadli - Trend:
Intellectual property insurance is not in demand in Azerbaijan, a source at the country's Intellectual Property Agency of Azerbaijan told Trend.
The source noted that the insurance company Ateshgah is practically the only one that offers this type of service.
According to Vugar Huseynli, the director of the corporate sales department of Ateshgah, in 2018 only two or three legal entities took advantage of the intellectual property insurance service.
"Individuals can also use the intellectual property insurance service. However, in this status, so far only international companies have turned to us," he said, adding that first of all the customers used insurance against risks associated with trademarks (logos).
Huseynli added that in the first half of this year, the company extended two policies for this type of insurance.
In Azerbaijan, intellectual property has been insured since 2017. The insurance is intended for international companies exporting their products to Azerbaijan and is primarily aimed at protecting trademarks and brands.
The formation of insurance coverage and premiums for product depends on how popular it is and how often it is counterfeited. The company's trade in Azerbaijan and a list of distributors in the country are also considered. As for the coverage, it also varies depending on the risks and ranges from 5,000 to five million manats.
