Definition - What does Intellectual Property mean?
Intellectual property refers to work produced by human thought, such as a book or an invention, by which ownership can be attributed legally to a person and its use by another without permission is deemed illegal.
Insuranceopedia explains Intellectual Property
Intellectual property can refer to non-tangible creations—the contents of a book, a song, a slogan, a short story, or a scientific innovation—that can be copyrighted, patented, or trademarked for commercial reasons. The laws surrounding intellectual property essentially protect its creator and owner.
For instance, it is illegal for a singer to record a version of a song that is composed by another artist without first securing their permission or paying for the recording rights.
The owner of an intellectual property can purchase insurance that takes care of the court process whenever their property rights have been infringed.
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