How to Evaluate Insurance Needs for a Movie Film Production
Movie film production insurance is one of the most important subjects that a filmmaker needs to address before beginning a project. There are several legal and contractual reasons to get insurance, but most producers do not know what they need to look for when it comes to insurance.
One of the most important factors that you need to consider is compensation evaluation before deciding on the amount of insurance to go for. You will need to understand the workers’ compensation insurance of the state that you are working in.
The laws of the sate implement the compensation requirements and any work-related injury or illness for the workers need to be covered by insurance. You will need to classify the jobs according to the potential risk at hand and then get in touch with an experienced insurance agent to calculate an appropriate premium.
Contractual Considerations and Asset Protection
Also, you will need to take the contractual considerations of the production studio that you are working with. Each contract requires a certain minimum amount of insurance cover value that needs to be taken into account.
To add to the insurance amount, you will also have to decide on the sensitive parts of your equipment and protect them against loss, damage or theft. This may even cover valuable people assets that are working on the project as part of the cast or the crew.
What Type of Policy to Acquire
If you are simply making a short documentary film, then your needs will differ from the needs of a summer blockbuster. You can either opt for a short-term, long-term or annual policy.
Short-term policies are specifically designed for usage with a single commercial production, whereas a long-term policy is suited to multiple projects that extend over a period of time. Annual policies are best for ongoing projects and commitments like commercials and industrial projects. It is important to completely evaluate your budget before going for a policy. Generally it is the budget that dictates the kind of policy to go for.
Types of Insurance
- General Liability Insurance – it is a simple cover that protects against damages, injury, theft and harm to people and the filming location.
- Video Equipment Insurance – Provides a simple cover for all kinds of video equipment used in the filmmaking process and production against loss, damage, and theft.
- Errors and Omissions Insurance – this insurance cover is protection against court cases and lawsuits pertaining to plagiarism, copyrights, ideas, defamation and invasion of privacy.
You will need to communicate very clearly and transparently with your insurance broker regarding all of your insurance requirements to create a nice and solid insurance plan that is neither over nor under priced. It is strongly advised that you fully chart out your requirements pertaining to your script, video equipment and other allied activities before deciding on an insurance cover.