Baku, Azerbaijan, Aug. 21
By Anvar Mammadov - Trend:
At present, the intellectual property insurance in Azerbaijan has not gained the expected momentum, the expert in the field of insurance Vugar Huseynli believes.
The expert noted that this product, the sales of which started last year, has not yet gained popularity.
"The fact is that very few companies know about this product and face it only when preparing documents for the customs authorities in the framework of trademark registration in Azerbaijan and the fight against counterfeit products. Given the fact that the State Customs Committee requires this insurance as part of the registration of a trademark, the unpopularity of the product can be explained by the fact that companies do not exhibit activity in this matter," Huseynli told Trend Aug. 21.
The expert believes that currently the product may be of interest mainly to large foreign companies.
"Large foreign companies are seriously engaged in the fight against counterfeit products. Therefore, this product may arouse their interest. I know that some companies operating in the territory of Azerbaijan, for example, Unilever, have already purchased this insurance product. As for Azerbaijani companies, first of all, it is necessary to simplify the process of obtaining patents, which will increase the number of intellectual property in the country. And, afterwards, it will already become possible to think about its insurance," Huseynli said.
Azerbaijan has started to insure intellectual property since last year. The product is intended for international companies exporting various products to Azerbaijan.
The formation of insurance coverage and insurance premiums for this product depends on how popular a particular brand is and how often it is forged. The trade turnover of the company in Azerbaijan and the list of distributors of this company in the country are also considered. As for coverage, it also varies depending on the risks and ranges from5,000 to 5 million manats.