Baku, Azerbaijan, Oct. 18
By Anvar Mammadov – Trend:
Azerbaijan has started to insure intellectual property, a source in the country’s insurance market told Trend.
According to the source, insurance of intellectual property is intended for international companies exporting various products to Azerbaijan.
“Today, Azerbaijan has already taken the first step to protect intellectual property,” the source said. “If a company has registered its trademark in Azerbaijan, customs authorities of the country undertake commitment not to allow counterfeit goods of this brand to be brought in the country. However, there are cases when it turns out that the imported goods are not counterfeit, that is, an error occurred due to lack of information or for some other reason.”
“As a result, the product may remain at the border, and a supplier faces expenses due to delays, various examinations, etc.,” the source noted. “Insurance of intellectual property is designed for such cases.”
According to the source, formation of insurance coverage and insurance premiums regarding this kind of service depends on several factors.
“It depends on how much a particular brand is popular and how often it is falsified,” the source said. “A company’s trade turnover in Azerbaijan and the list of distributors of the company in the country is also considered. Insurance coverage also varies depending on risks and ranges within 5,000-5 million manats.”
The source noted that at the moment, the service has been already developed, and it is provided by the Ateshgah Insurance Company.
The official exchange rate for Oct. 18 is 1.7001 AZN/USD.