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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Intellectual property asset protection

Cover that focuses on the revenue streams generated by Intellectual Property (IP) rights and their perceived value. The basis of indemnity is tailored to individual circumstances, and will vary from: (a) reimbursement of research and development costs – for IP still in development; (b) loss of projected future earnings where products are newly launched; (c) loss of profit calculated on historic earnings – for mature products. A legal audit takes place before cover is granted.

Intellectual property litigation insurance

Covers businesses against the legal costs and damages that can arise from an IP litigation action. The scope of cover varies but generally embraces: 1. Exploitation agreements in terms of the fees and expenses in enforcing the contractual terms inherent in agreement. Cover may include defence costs when the insured has unintentionally breached an agreement. 2. Defence fees and expenses incurred in defending a claim by a third party that the products or processes used or sold by the insured infringe IP rights. Cover may include the damages that the insured would pay if the defence is unsuccessful. 3. Invalidity/ownership professional fees and expenses in defending challenges to ownership, validity or title to IP where rights have already been granted. 4. Pursuit fees and expenses pursuing those who have infringed the insured’s IP rights.

Intensive care

Constant complex health care as provided in various acute life-threatening conditions such as multiple trauma, severe burns, or myocardial infarction or after certain kinds of surgery. Life support systems are used such as respirators, monitors, and hypothermia equipment. Some insurance policies may increase the daily room and board benefit when an intensive care unit is necessary.

intensive care unit (ICU)

Section in a hospital in which patients who require close monitoring and intensive care are kept. An ICU contains highly technical and sophisticated monitoring devices and equipment and is staffed by personnel to deliver critical care for various life-threatening conditions. A hospital may have several ICUs such as medical intensive care unit (MICU), surgical intensive care unit (SICU), pediatric intensive care unit (PICU), neonatal intensive care unit (NICU), and coronary care unit (CCU). Sometimes referred to as special care unit .

Intention of parties rule

A rule of construction. Where possible the words of the policy must be construed liberally so as to give effect to the intention of the parties. In insurance the parties intend to make an insurance contract and any inter pretation that is contrary to the real intention of the parties is not to be adopted.

Intentional Injury

An injury resulting from an act, the doer of which had as his intent, inflicting injury. In an accident insurance contract, an intentionally self-inflicted injury is not covered (because it is not an accident). In general, intentional injuries inflicted on the insured are covered (assuming no collusion).