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These descriptions are general in nature and are not
a complete explanation of the policy terms.
FILM PRODUCERS INDEMNITY (Cast Insurance)
This
provides coverage for additional or extra expenses incurred in the
completion of a film over and above the normal budgeted costs, occasioned
by death or disability (accident or sickness) of any scheduled artist, with
various extensions of this definition; including costs resulting from
abandonment of the film.
This is an "Extra Expense and/or Abandonment" coverage. A medical
examination of those persons to be insured is required within a specific
(and short) time prior to commencement of the filming.
NEGATIVE FILM AND VIDEOTAPE
Covers
against all risks of direct physical loss, damage or destruction of raw film or
tape stock, exposed film (developed or undeveloped), recorded videotape, sound tracks
and tapes, up to the amount of insured production cost.
NEGATIVE FILM, VIDEO, AUDIO, RECORDING TAPE FLOATERS
Including film
print floaters, print in storage risks, transit risks, faulty coverages
and accidental erasure coverage, and related covers. Covers physical loss
of or damage to the negative film, videotape, etc., which basically is the
extra expense incurred in re-shooting or re-recording the lost or damaged
material, or for aborted costs in case of abandonment.
The faulty coverages such as fogging, faulty developing and accidental
exposure to light are basically excluded from the negative floater, but
are added back as a separate insurance.
FAULTY STOCK, CAMERA AND PROCESSING
Covers
loss, damage or destruction of raw film or tape stock, exposed film (developed
or undeveloped), recorded videotape, soundtracks and tapes, caused by or
resulting from fogging or the use of faulty materials (including cameras and
videotape recorders); faulty sound equipment; faulty developing; faulty editing
or faulty processing; and accident erasure of videotape recordings.
PROPS, SETS AND WARDROBE
This is an all risk, worldwide, inland marine floater that covers owned
property and the property of others while used in connection with the
insured activities.
EXTRA EXPENSE
Reimburses the
production company for any extra expenses necessary to complete principal
photography of an insured production due to the damage or destruction of
property or facilities (props, sets, or equipment) used in connection with
the production. Coverage includes losses due to faulty generator operation.
MISCELLANEOUS EQUIPMENT
Covers against all
risks of direct physical loss, damage or destruction to cameras, camera
equipment, sound, lighting (including breakage of globes) and grip
equipment, owned by or rented to production company. Coverage can be
extended to cover mobile equipment vans, studio location units or similar
units upon payment of an additional premium.
PROPERTY DAMAGE LIABILITY
Pays for damage or
destruction of property of others (including loss of the property) while
the property is in the care, custody or control of the production company
and is used or to be used in an insured production.
ERRORS & OMISSIONS
This is a vital coverage to protect producers against copyright
infringement suits that may be brought against them.
WORKERS’ COMPENSATION
All US business risks underwritten by us are
required to provide certain protections as defined by each state under
their workers' compensation laws. This policy, when properly written,
provides that protection.
COMPREHENSIVE LIABILITY
Protects the production company against claims for bodily injury or
property damage liability arising out of filming the picture. Coverage
includes the use of all non-owned vehicles (both on and off camera),
including physical damage to such vehicles. This coverage will be required
prior to filming on any city of state roadways, or any location sites
requiring filming permits.
GUILD/UNION FLIGHT ACCIDENT
Provides motion picture/television (IATSE/NABET/SAG/DGA) guild or union
contract requirements for aircraft accidental death insurance for all
production company cast or crew members. Coverage is blanket and the
limits of liability meet all signatory requirements.
COMPLETION GUARANTY BOND
Completion guaranty bonds are available for feature motion picture
productions that meet certain minimum budget requirements. Completion
guaranty will provide completion funds for up to 100% of total picture
budget.
These brief descriptions provide a simplified explanation of the
various types of insurance protection available to motion picture or television
production companies. Most of these coverage's will have deductibles of varying
amounts, depending upon the limits of insurance coverage's required. Premiums for
theatrical features are based upon the size of the picture budget and will vary
between 2-3% of the total budget, depending upon location size, length of
shooting time and any special hazards or stunts.
Commercial and documentary production companies can obtain
annual Producers Insurance Policies (PIP Policies) incorporating various
combinations of film insurance coverage's.
We specialize in providing any form of insurance
required in the entertainment industry.
Our specialty brokerage division has pioneered many innovative and creative
insurance programs for the entertainment industry, and our affiliations
with national A+ Rated insurance companies give us the competitive edge.
For more information or quote, please contact our main U.S.A. office at:
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