Film production insurance is critical for filmmakers since it protects production gear, film crews, and producers. If you need protection on a project-by-project basis, production insurance might be your best bet.
Production insurance may cover just a single day of filming or may extend for multiple months. Read further for more details on production insurance, what it covers, and why it’s vital for filmmakers to obtain.
Also, you can click here to see important FAQs you need to know about short term production insurance before getting it for your movie!
What Does Film Production Insurance Cover?
Production insurance provides a broad array of coverage options made to keep your gear and crew secure and your production smoothly running. One common type of coverage provided by production insurance includes general-liability. The broad kind of insurance safeguards against specific business risks, like claims that involve property damage and bodily injuries. Also, production insurance offers coverage for car liability, which includes physical damage to automobiles utilized for video productions.
Additional forms of coverage provided underneath short-term production insurance involves inland marine coverage which may protect props, rented equipment, owned equipment, sets, cast, 3rd party property damage, and faulty and negative stock. Excess liability, worker’s compensation, as well as travel accident coverage also may be included beneath a short-term production insurance policy. It’s essential that you know that production insurance just covers specific kinds of video production. That might include, but isn’t limited to, commercials, animations, documentaries, demo reels, trailers, music videos, TV series, infomercials, and training videos.
Which States Require Short Term Production Insurance?
There are several reasons filmmakers opt to obtain short term production insurance. One important reason to acquire insurance includes meeting legal obligations. Nearly every state in the United States carries legal limitations requiring that production companies carry some form of insurance. For instance, workers compensation is a kind of insurance coverage required by all 50 states. Also, you might have to obtain film production insurance if you have a contract with a client, like a television network or record label, which requires that you keep a policy. Check with the municipality in your area to figure out if insurance is required.
Why Is Production Insurance Important?
Whether you’re just starting out within the film production business or have several successful productions beneath your belt, having production insurance should be a must. Just a single little snag may cause potential financial hardships and extensive delays. Short term production insurance is made to safeguard your movie against specific kinds of risks, like property damage, personal injury, and other unexpected circumstances. It may be used to cover all things from broken equipment during car transfers or broken legs that are caused by stuntman incidents. It also might be used to cover additional kinds of claims, like infringement and defamation of intellectual property.
Locating the proper kind of film production insurance is a vital responsibility for production companies and filmmakers. It isn’t just crucial for safeguarding your gear and crew, but also may be a required measure that has to be taken to meet contractual obligations while renting equipment or using specific locations.
