The government of Chancheng District in Foshan, Guangdong, announced the start of a first-ever patent insurance cooperative.

The cooperative is a new mode of IPR protection shaped by the government, insurance companies and patent agencies.

Member companies pay annual premiums to insurance companies.

Insurance companies then designate two to three government-certified patent agencies to offer patent services.

When members encounter patent disputes, the insurance companies compensate expenses for the litigation. Member companies can also obtain government sponsorship or preferential rates from patent agencies.

(Source: China Daily)