The world of film production is thrilling, dynamic, and filled with creativity. However, it also comes with considerable risks ranging from personal injuries and equipment damage to legal issues. To mitigate these risks and protect the investment, having a comprehensive film production insurance is essential. This article aims to provide an understanding of why such insurance is necessary, the different types of policies available, and how to choose the right one for your production.
- 7 best film production insurance companies
- Why film production insurance is necessary
- Different types of film production insurance
- How much does film production insurance cost?
- How to find cheap film production insurance?
7 best film production insurance companies
Choosing the right insurance provider is a crucial step in ensuring your film production is adequately protected. Each provider offers unique strengths, whether it’s comprehensive coverage, flexibility, industry experience, or a focus on specific policy types. In this section, we will explore eight leading film production insurance providers, each recognized for excelling in a particular area. From comparing multiple quotes to choosing a provider best suited for general liability insurance or working with independent, knowledgeable agents, there’s a provider to meet every production’s unique requirements.
- Simply Business: Best for comparing several quotes
- NEXT: Best for affordable general liability insurance
- Chubb: Best for comprehensive coverage for film production studios
- Allianz: Best for international productions
- Truman Van Dyke Company (TVD): Best for industry experience
- Front Row Insurance: Best for variety of entertainment policies
- Tivly: Best Brokerage firm for working with independent and knowledgeable agents
Simply Business: Best for comparing several quotes
Simply Business is an online business insurance brokerage that helps you compare quotes from various insurers. They partner with a long list of top-tier carriers providing a wide range of coverage for film production studios. They can facilitate finding the right insurance solution for your film production needs by providing multiple options.
Pros:
- Provides multiple quotes, helping you find the best rate and coverage.
- User-friendly online platform.
- Covers a wide range of business insurance types, including film production insurance.
Cons:
- Does not underwrite its own policies; it’s a middleman service.
- Customer service experience may vary as it depends on the actual insurance provider.
NEXT: Best for affordable general liability insurance
NEXT is an innovative insurance company offering tailored policies for small businesses. They are known for their strong and affordable general liability coverage, which is crucial for film productions.
Pros:
- Strong general liability insurance offering.
- Affordable general liability coverage for film productions
- Quick and easy online quote process.
- Can provide coverage for small to medium-sized productions.
Cons:
- May lack the specialized film industry experience of some other providers.
- Coverage limits may not be high enough for larger productions.
Chubb: Best for comprehensive coverage for film production studios
As one of the world’s largest insurance companies, Chubb provides extensive insurance products, including specialized coverage for entertainment and film production. They are well-known for their global reach and high limits of coverage.
Pros:
- Comprehensive and customizable coverage.
- High coverage limits, suitable for large-scale productions.
- Global presence and experience in many different markets.
Cons:
- May be more expensive than other insurers due to their comprehensive coverage.
- Their size and scope could lead to less personal customer service.
Allianz: Best for international productions
Allianz is a global insurance powerhouse with a robust offering for the film industry. Their entertainment insurance can be tailored to match the specifics of any production, making them a good choice for both domestic and international projects.
Pros:
- Tailored coverage that fits a variety of productions.
- Extensive international experience, perfect for overseas productions.
- Strong financial ratings and stability.
Cons:
- As a large company, customer service might not be as personalized.
- Coverage might be more expensive than other providers.
Truman Van Dyke Company (TVD): Best for industry experience
Summary: With over 60 years of experience in the film and television industry, TVD specializes in insuring productions of all sizes. From feature films and commercials to documentaries, they’ve covered it all.
Pros:
- Deep industry experience and understanding of film production risks.
- Can cover a broad range of productions.
- Personalized customer service due to their focus on entertainment industry.
Cons:
- Not as large as some competitors, which might affect coverage limits.
- Limited to the film and television industry, which could affect diversification.
Front Row Insurance: Best for variety of entertainment policies
Summary: Front Row Insurance is a specialist in entertainment insurance, offering policies for film productions, theater productions, events, and more. They are known for their expertise and wide range of coverage options.
Pros:
- Wide range of policies specific to the entertainment industry.
- Good option for smaller or independent productions.
- Good customer service due to their focus on a niche industry.
Cons:
- May not have the same level of global reach as larger competitors.
- Coverage limits may not be suitable for larger productions.
Tivly: Best Brokerage firm for working with independent and knowledgeable agents
Tivly is a brokerage firm specializing in the entertainment industry. They work with independent agents who have a deep understanding of film production insurance needs, providing a personalized and informed approach.
Pros:
- Independent agents with extensive knowledge of the film industry.
- Offers a personalized approach to finding the right coverage.
- Works with a variety of insurers to find the best fit for your needs.
Cons:
- Being a broker, they do not underwrite their own policies.
- Your experience may greatly depend on the individual agent you work with.
Why film production insurance is necessary
Filmmaking can be a hazardous business. Whether it’s a low-budget documentary or a big-budget feature, all productions face a degree of risk. Without proper insurance coverage, these risks could lead to substantial financial losses and potential legal liabilities.
For example, during the production of a scene, a camera operator could accidentally drop a high-end camera, causing costly damage. Or an actor might get injured on set, leading to expensive medical bills and potential legal action. Without insurance, these costs would have to be borne by the production company.
Different types of film production insurance
Film production insurance isn’t a one-size-fits-all proposition. There are several types of insurance to consider, each designed to cover specific risks inherent in the film industry:
Production package insurance:
A type of bundled policy that covers a range of potential risks. For example, if a natural disaster damages your set or delays production, this policy would help cover the associated costs.
There have been several high-profile cases of insurance claims in the film industry due to various reasons like accidents, health issues of key cast members, and even unfortunate deaths. Here are a few examples:
“The Matrix Reloaded” (2003) was notable for its use of production insurance. During the shoot, there was a set accident involving a stunt performer who was injured, and the insurance policy covered the expenses associated with this accident, including the delay in production
Another significant example involved the 2012 film “The Hobbit: An Unexpected Journey.” During the filming, director Peter Jackson underwent emergency surgery for a perforated ulcer. Production was delayed for several weeks while he recovered. The production insurance helped cover the costs of the delay, which included keeping the cast and crew on hold, maintaining the sets, and other associated expenses.
Cast insurance:
If a key actor in your film gets seriously ill or injured and can’t participate in the production, causing a halt or delay, cast insurance would cover the costs of reshoots or delays.
One of the most well-known examples is the case of Paul Walker in “Fast & Furious 7” (2015). After his untimely death in a car accident unrelated to the film’s production, the filmmakers had to significantly alter the movie. The claim they filed with their insurance company, Fireman’s Fund, is one of the largest in history, estimated at $50 million. The insurance payout covered the cost of rewriting the script, using CGI, and employing Walker’s brothers as stand-ins to complete the film.
Stunt insurance
Productions involving action scenes or stunts carry additional risks. Stunt insurance covers these increased risks, protecting against the potential for more severe injuries and damages.
During the filming of “The Expendables 2” (2012), a stunt involving an explosion went wrong, leading to the death of one stuntman and injuring another. The production company filed a claim with their insurance provider to cover the associated costs, including possible lawsuits and production delays.
General liability insurance:
General liability policy covers accidents that occur on set, such as an actor tripping over a cable and breaking a leg. The insurance would cover the medical expenses and potential legal fees if the injured party decided to sue.
Workers’ compensation insurance:
Imagine a crew member falls off a ladder while rigging lights and suffers a back injury. Workers’ compensation insurance would cover their medical expenses and lost wages during recovery.
Professional liability insurance:
If someone claimed that your film defamed them or infringed their copyright, professional liability insurance, also known as Errors and Omissions (E&O) insurance, would cover your legal defense costs.
How to choose the right film production insurance
Choosing the right insurance policy depends on the nature of your production. Consider factors such as the type of film, the number of crew members, the locations, the presence of stunts or hazardous activities, and the value of the equipment used. It’s advisable to work with an insurance broker experienced in the film industry to ensure you get the coverage that best fits your needs.
How much does film production insurance cost?
The cost of film production insurance varies widely, depending on factors like the budget of the film, the duration of the policy, the type of coverage, the amount of coverage, and the specific risks involved in the production. Premiums, deductibles, and policy limits are all aspects to consider when budgeting for insurance.
Be sure to work with a few companies or a top brokerage firm like Simply Business or Tivly to compare several quotes to find the cheapest one for your productions.
How to file a claim in case of an incident
If an incident occurs that you need to file a claim for, notify your insurance provider as soon as possible. Document the incident thoroughly, including photographs of any damage and statements from any witnesses. Your insurer will guide you through their specific claims process.
How to find cheap film production insurance?
Finding affordable film production insurance that still offers ample coverage can be a challenge. However, there are ways to secure a more cost-effective policy without sacrificing the protection you need. Here are some tips on how to find cheap film production insurance.
Understand your specific needs
Every film production is unique and so are its insurance needs. Understanding your specific risks and needs is the first step towards finding cheaper insurance. This includes considering the size of your production, the number of locations, the type of scenes involved (e.g., action scenes, underwater scenes), and other unique factors. Once you’ve assessed these, you can look for policies that fit your needs, ensuring you’re not over-insured and paying for coverage you don’t need.
Shop around and compare quotes
There’s a lot of competition in the insurance market, which can work to your advantage. Don’t settle on the first quote you receive; instead, collect quotes from several insurance providers to compare. Online platforms like Simply Business can help you do this more efficiently. Make sure you’re comparing equivalent coverage when assessing which is most affordable.
Consider annual versus short-term policies
Depending on the nature and frequency of your productions, you might find that an annual policy is more cost-effective than a series of short-term policies. An annual policy might also offer more comprehensive coverage. However, if your projects are infrequent or very different from each other, short-term policies could potentially save you money.
Implement a strong risk management plan
Insurance companies often provide discounts or lower rates to productions that have a solid risk management plan in place. This might include safety training for your crew, ensuring proper maintenance of equipment, hiring experienced personnel, and so on. By minimizing the risks, you could potentially lower your premiums.
Work with an experienced broker
An experienced insurance broker can be an invaluable resource in finding cheap film production insurance. They understand the industry, know the different insurance providers and policies, and can often negotiate better rates on your behalf. They can also help you understand the fine print and avoid policies that might seem cheap but don’t offer the coverage you need.
Remember, while it’s important to save money where you can, don’t compromise on the protection you need. The cheapest policy is not always the best one, especially if it leaves you exposed to risks. The goal should be cost-effective insurance that provides comprehensive coverage for your production.
Conclusion
Understanding and securing appropriate film production insurance is an essential step in any successful film production. It protects your investment, shields you from unforeseen incidents, and ensures that if accidents happen – you’re covered.
Remember, the goal is not just to protect against financial loss but also to provide peace of mind so that filmmakers can focus on bringing their creative vision to life. The right insurance policy allows for that creative freedom, secure in the knowledge that even in a worst-case scenario, you’re protected.
Frequently asked questions
To wrap up this article, let’s address a few common questions about film production insurance:
What does film production insurance typically cover?
Film production insurance typically covers liabilities related to injuries and property damage, equipment loss or damage, production delays, and legal disputes, among other things. However, the specifics of what’s covered depend on the types of policies you have.
Do I need film production insurance for every project?
While there might be exceptions, it’s generally wise to have film production insurance for every project. Even small productions can face significant risks, and the potential costs of an incident can far exceed the cost of a policy.
Can I get film production insurance for a single project?
Yes, insurers offer short-term policies designed for a single production or project. These are sometimes referred to as ‘production policies’ or ‘short-term production insurance.’
When should I get film production insurance?
It’s best to get your insurance in place before pre-production begins. That way, you’re covered from the very start of your project.
In conclusion, having comprehensive and appropriate insurance is a fundamental part of responsible film production. It provides not only financial security but also peace of mind, allowing filmmakers to focus on creating their vision. Whether you’re a seasoned producer or a newcomer to the industry, understanding film production insurance is vital to ensuring the smooth running of any project.
