Intellectual property insurance not popular in Azerbaijan

Finance Materials 4 October 2019 15:50 (UTC +04:00)

Baku, Azerbaijan, Oct. 4

By Kamala Mammadli – Trend:

Intellectual property insurance is not popular in Azerbaijan, Khayal Mammadkhanli, insurance expert and chairman of the insurance intermediaries committee of the Azerbaijan Insurers Association, told Trend.

“One or two contracts on intellectual property insurance can be found in Azerbaijan,” he added.

"This product is beyond the insurance market,” Mammadkhanli added. “Market participants do not think about it."

“A lot of experience has been accumulated in the world related to intellectual property insurance,” he said. “However, this product is not in demand in the Azerbaijani insurance market.”

The intellectual property has been insured in Azerbaijan since 2017. This product is intended primarily for international companies exporting their goods to Azerbaijan, and is primarily aimed at protecting trademarks and brands.

The formation of insurance coverage and contributions for this product depends on the level of popularity of this trademark or brand and how often they are faked. The company's trade turnover in Azerbaijan and the list of distributors in the country are being considered.

As for insurance coverage, it also varies depending on the risks and ranges from 5,000 manats to five million manats.

According to the Azerbaijani Intellectual Property Agency, Ateshgah company is the only insurance company that has developed and offers this type of insurance in Azerbaijan to support foreign and local businessmen engaged in international trade in products of popular brands.

(1 USD = 1.7 AZN on Oct. 4)


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