Copyright 2020 - Custom text here

Ningbo signs country’s first foreign-related trademark application fee loss insurance

Recently, the policy of “the International Registration of Marks under the Madrid Agreement Risk Protection Insurance” of Zhejiang Yizhou Electronic Technology Co., Ltd. has been officially issued. The policy was underwritten by China Ping An Property & Casualty Insurance Co., Ltd. and is China’s first foreign-related trademark application fee loss insurance.

Zhejiang Yizhou Electronic Technology Co., Ltd., a state-level key high-tech enterprise, is famous for its registered trademark “SHIP” about cable and electric wire.

It is learned from Ningbo Market Superintend Management Bureau that internationally registered trademark can help domestic companies to take more initiative in overseas markets, protect legitimate rights and interests, and avoid unnecessary disputes. The procedure of the International Registration of Marks under the Madrid Agreement is simple, so it is the first choice of most companies. Since its high registration fee and high rejection rate, many companies worry about the loss and hesitate.

After knowing the situation, market regulatory authority immediately established an exclusive trademark archive for Yizhou Electronic Technology Co., Ltd., paid close attention and contacted third-party organizations to evaluate and forecast.

The officer of the trademark department introduced, “By trademark registration loss compensation insurance, the risk can be passed on to the insurance company. Once the application is rejected, the insurance company will provide financial compensation according to the insurance policy.” Taking Zhejiang Yizhou Electronic Technology Co., Ltd. as an example, the insured amount is RMB 77,799, and the premium is 10% of the insured amount, which is RMB 7779.9. If the trademark applications are rejected, the enterprise can receive compensation of 75% of the insured amount, which is RMB 58,349.25

f t g m

Visit Charity Shop

GTranslate

enfrdeitjaptrues