Recognizing that a potential Screen Actors Guild (SAG) strike at the start of July is a significant risk of concern to production companies, Fireman’s Fund Insurance Co. has introduced strike expense coverage. This coverage extension is the first offered by an entertainment insurance firm.
“We want to address production companies’ concerns and provide them with additional support during this time of uncertainty,” said Joe Finnegan, vice president/entertainment for Fireman’s Fund. “We believe this coverage extension will help facilitate the financing and production of more film projects that are scheduled to wrap principal photography ahead of a possible strike or lockout.”
Fireman’s Fund requires that a completion bond be in place prior to issuance of coverage and that production be scheduled for completion prior to June 15, 2008.
Fireman’s Fund entertainment division has insured Hollywood films for more than 80 years. Its 40-member team includes underwriters and loss control experts with an average of 20 years of experience in the entertainment field. Fireman’s Fund also owns International Film Guarantors (IFG), a wholly owned subsidiary based in West Los Angeles that offers completion bonds.
Source: Fireman’s Fund Insurance Co.
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