Controversies in Insurance

There are a few controversies in insurance, but the main one today is insurance patents. Insurance policies and insurance companies that deny coverage for one reason or another are in most cases more or less illegal and can be sued by the person seeking insurance protection. On the other hand, a huge controversy in insurance are new insurance products are able to have protection by copying a business method patent in America.

An example that is causing havoc and controversy in insurance is that a new product was introduced in insurance. The early versions were invented separately by Progressive Auto Insurance holding the United States Patent 5,797,134 as well as Salvador Minguijon Perez, a Spanish inventor holding EP Patent 0700009.

Many independent inventors tare of course in favor of being allowed to patent new products in the insurance industry as it provides protection from large corporations when they introduce new products to the insurance market.

On the other turn of the coin, insurance executives are not in favor of introducing new insurance products in the market as it places new risk on them. As an example The Hartford Insurance company was ordered by the court to pay $80 million to an inventor that was independent, Bancorp Service for theft of trade secret lawsuit and patent infringement as the type of type of product used by Hartford had been invented as well as patented by Bancorp Services.

Every year in the United States there is close to 150 new patent applications for insurance products filed. The number of patents in this industry being filed has slowly gone from fifteen in 2002 and in 2006, 44 were filed.

At this time, it is possible for the public to see the inventors United States applications through a program known as Peer to Patent.