Updated: May 31, 2020
From the loss of equipment to bad weather, producers are aware that productions are inherently risky. Even the most well-planned productions could be affected by unexpected situations, resulting in additional costs and delays.
If production insurance is in place, these risks are passed on to the insurer. The insurer is essentially bearing the risks of the production and is obliged to compensate for losses should the unforeseen happens.
Every production is unique. The Film All Risk insurance package is an all-in-one policy comprising of all the insurance covers needed for film & video productions. It can be further customised to suit the needs of each production, including these 6 tricky ones:
1. Filming at Restricted or High-Risk Locations
Most public and commercially-owned locations would require for a Public Liability insurance policy (also known as 3rd party insurance) to be in place before issuing a permit. However, some restricted or high-risk locations such as airports, seaports and construction sites usually require higher insurance coverage of up to $10million sum insured.
Public Liability insurance is one of the covers in a Film All Risk insurance policy. Producers can request for the sum insured to be adjusted according to the needs of the production.
Do bear in mind that the insurers will need more time to assess the increased risk, issue the necessary documents for your shoot (such as Cover Note) and calculate the additional premiums chargeable.
2. Rented and Freelancer-Owned Equipment
Film & video productions rely on the use of media equipment. Such equipment could be company-owned, rented, or owned by the freelance crew that is hired for the shoot.
Equipment such as cameras, lens, and sound gear are expensive and fragile. Should the production house be held responsible for any damage or losses, rest assured that a claim can be made against the Film All Risk insurance policy.
3. Expensive or Antique Items in the Art Department
Your shoot may involve a number of costly items such as jewellery, art pieces, antique furniture, designer clothes or handbags.
A Film All Risk insurance policy covers losses to props, set and wardrobe. Producers can request for the sum insured and per-item claim limit to be adjusted according to the value of the items.
For special items of exceptionally high value, a separate insurance policy may need to be arranged.
4. Drones Shoots
Should you be filming with drones, you will first need to seek permission from the aviation authorities. Amongst other documents, the authorities will require proof of insurance for the drone.
If the drone shoot is a part of a film production, it can be insured as an additional coverage under a Film All Risk insurance policy. Standalone Drone policies are also available for specialised shoots.
5. Important Persons that need to be covered for “Non-Appearance”
A non-appearance insurance policy covers any losses incurred should the insured person be unable to fulfil his/her duties due to unexpected circumstances, such as a serious accident, sudden illness or the demised of a family member.
Non-appearance insurance is highly recommended for productions that involved actors or key crew members (such as Director or DOP) with busy schedules or are flying in from overseas. It is a common add-on to a Film All Risk insurance policy and premiums are highly affordable.
6. Insurance Coverage during Post-Production
The importance of insurance coverage during post-production cannot be overlooked. Should the footage or soundtrack be damaged, lost or stolen, a re-shoot could be needed. This would entail additional costs and delays.
A Film All Risk insurance policy covers a project during post-production (all the way to delivery), giving Producers a peace of mind.
More about the Film All Risk insurance policy:
The Film All Risk insurance policy covers many other areas of a production such as character vehicle, production delays, and project cancellation.
Premiums are competitively priced to suit all budgets. It can cost as little as $400 to insure a production of up to $50,000 budget. Student films and TV/web series can be insured as a bundle to save on premiums.