Film insurance refers to taking an insurance cover against some unforeseen incidences such as natural calamities and illnesses that might lead to a delay in film production. It may also include covering incidences that may damage the film equipment during the shooting process.

The involvement of many processes and many people during the filmmaking process may lead to many uncertainties. Film insurance, therefore, helps the producer mitigate against some of the risks involved.

Who needs film insurance?

  • Media and film production companies
  • Photographers
  • Videographers
  • Cinematographers
  • Post-production
  • Studios
  • Sound engineers
  • Cameramen

Why film insurance is needed

There are three basic reasons why film insurance is important. These include contractual, legal, and property protection.

  • Legal reasons — When it comes to legal reasons, almost every financer and location requires that film companies obtain some form of insurance. They are required to have at least general liability insurance to cover any injury or property damage that may occur.
  • Contractual reason — If you are under contract with a distributor or broadcaster, in most instances, the contract will require you to have an insurance coverage before you can be paid.
  • A property protection — This kind of protection will cover you against loss or damage to an asset such as production equipment.

Three types of policies to consider

  1. Equipment insurance — This kind of insurance usually covers any film devices or equipment used
  2. During production and filmmaking — This policy will cover damage, loss, and theft of any equipment that is rented.
  3. General liability insurance — This insurance cover takes care of the filming space, location, and armor or injury to anyone who is present and is not working on the film.

Errors and omissions insurance

This type of insurance can help cover against any lawsuit alleging any unlawful usage of titles,, ideas, copyrighted material, formats, ideas, characters, unfair competition among others.

When purchasing your Insurance, it’s very important to give yourself some time and buy your insurance in advance. The good thing is that short time policy can always be approved very fast when purchased.

However, for more complex policies such as annual and long-term policies, it can take even up to two weeks to process. It’s also important to know that the amount of coverage depends on the kind of project that you are involved in.

Don’t take any chances

The art of making films is not only a complex process but also very risky. In order to achieve your goal, you need some technical know-how and a variety of equipment. It’s, therefore, very important to secure a film insurance to protect you against any unforeseen happening.