Wuxi Little Swan Co. [Photo/wxrb.com]
Wuxi Little Swan Co recently signed an insurance contract with the Wuxi Branch of the People's Insurance Company of China to insure that one of its overseas patents has overseas intellectual property infringement liability insurance.
It is the first case of a local enterprise in Wuxi taking out an overseas intellectual property infringement liability insurance policy.
In recent years, Wuxi Little Swan Co has been working to enter overseas markets. The export share of the company's washing machines has been increasing year by year, and its products have been sold in more than 160 countries and regions. In 2021, its overseas sales revenue accounted for 23 percent of its total sales at 5.34 billion yuan ($794.28 million).
According to workers at the company, in order to avoid being sued for infringement due to some similarity with local patents in foreign countries, which may lead to high costs for the company, and with the support of relevant policies of the local government in Wuxi to encourage intellectual property insurance, the company spent 1.04 million yuan insuring five core domestic patents and one overseas patent.
The insurance allows products made by Wuxi Little Swan Co with the insured patent to be sold overseas, and the economic compensation liability caused by the first lawsuit or the first known potential lawsuit caused by the unintentional infringement of the intellectual property rights of a third party in the country where the product is sold shall be paid by the Wuxi Branch of the People's Insurance Company of China.