A signing ceremony for Jiangsu's first data intellectual property insurance contract is held. [Photo/zjgonline.com.cn]

The Zhangjiagang branch of PICC Property and Casualty Co Ltd, a leading insurer in China, signed an insurance contract against data intellectual property infringement with Jiangsu Rainpat Data Service Co Ltd on June 13.

This is the first insurance contract of its kind in the province. It will help Rainpat, which already received a certificate for data IP in May, deal with IP infringement risks by compensating it for its losses.

According to Song Guohua, the legal representative of Rainpat, an intellectual property right-related website the company is running has stored about 300 million pieces of data. The data IP certificate and the new insurance agreement will to some extent help the company safeguard its data assets.

Zhangjiagang authorities have in recent years been using financial methods to support IPR development. For example, the government has helped connect companies, insurers and banks,  leading to the signing of various insurance contracts worth more than 19 million yuan ($2.67 million).