With rapid changes in the world economies and the continuing shift to a service and information-based economy dependent on technology, future insurance coverages have to focus on new types of first-party losses and complex third-party liability issues. As policyholders seek to exploit new business opportunities both domestically and abroad, and as insurers also explore new potential markets, policyholders should carefully analyze strategies for using insurance to hedge against foreseeable and unforeseeable business risks such as the loss of computer data or corruption of storage networks, infringement of intellectual property rights, risk of attacks on computer networks, and the possible theft of trade secrets.
Property is a word, which always had a very close link with society. In other words, we can say that the importance of property was recognized since the development of Human Civilization. If we look into the economical aspect of property then we will find that the value of property has always increased when there is a demand and against that demand there exists some scarcity. In the case of property also with the development of society and the increasing needs of human beings the value of tangible property has also been increased exponentially. Now when the world is moving towards the concept of knowledge economy the value of intangible property has also been increased. Here we can refer intangible property as the brain child of human intellect. Thus, we can define Intellectual Property(IP) as the "Property generated with the help of Human Intellect".
With this we can now define the total paradigm of IP, which consists of Copyright, Patents, Trademarks, Trade secrets, Geographical Indications, Protection of Integrated Circuits and Designs Layout and Industrial Designs, etc. After defining the concept of IP, now comes the question of `Rights' involved in it. If we analyze in detail, we can easily justify that degree of protection through Rights is directly proportional to the involvement of human intellect. For example, human intellect is required more in the case of an invention as compared to any literary, artistic or dramatic work. So, accordingly the Intensity of Right also varies in the case of copyrights and patents. But, on the contrary, if we look into the time period of protection then we will find that it is just the opposite of the previous one. Which means higher the Intensity of Right, lower will be the time for protection. |
