The Oscars may be over, but film producers are still on the job looking for new and better ways to create good movies. A new film producers’ risk policy from the Chubb Group of Insurance Cos. addresses the enormous advances in film making during the past decade.
The policy helps pay for the additional costs to complete a production when it is interrupted or has to be re-shot as a result of specific causes. And unlike traditional film policies, which insure certain losses only through principal photography, Chubb’s Film Producers Risk policy extends protection through post production. This is critical, said Gene Williams, vice president of Chubb & Son and worldwide entertainment manager for Chubb Commercial Insurance, because in modern film making, principal photography and post-production often occur simultaneously.
Williams said the Film Producers Risk policy is a fresh approach. The old, traditional film policies were designed for an analog world, but now the digital age has arrived and Chubb’s new policy is designed for the way films are being made today, he said.
Among the additional costs that are insured by the new policy are those that are caused by:
- Loss or damage to any medium or device used to record or store sounds or images;
- Damage to property used in the production;
- Mechanical breakdown of equipment, animatronics, boats, aircraft, etc.;
- Illness or injury of cast members or their immediate family;
- Loss of power, communication or other utilities or services; and
- Seizure or quarantine of property by government or military authority.
The policy also protects against the cost of repairing or replacing lost or damaged property, including production equipment, props, sets, wardrobe and animals, and the producer’s legal liability for damage to property of others.
Source: Chubb Group of Insurance Cos.
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