Date post: | 26-Dec-2015 |
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Film Crew on Location-breaks vase
Steel Structure Falls-Injures 3
Client Accused of Copyright Infringement
INSURANCE• Entertainment Industry has
unique needs that standard insurance companies may not understand or properly insure.
• Use a specialist that represents insurance companies familiar with your needs.
InsuranceLiability: you’re responsible for what
happensNegligence: failure to do what a
“reasonable” person would do
InsuranceWho decides when you’re negligent?
Insurancethe “reasonable person” (judge or jury)
not you
definition of negligence can be very wide and vague
Liability Insurance
This is essential insurance for all business
covers damage to property or injuries suffered by someone else for which you are held
responsible.
General LiabilityExamples:
•your dog bites the mailman delivering mail to your home business….
•your clumsy client scorches himself on your complimentary hot coffee…
Liability Insurance• Crucial for film/TV production, recording
facilities, live shows, etc.
• Cities or venues require a minimum $1,000,000 policy
• Freelancers may be required to have it to work at some places
• Banks may require it to receive a loan
Property Insurance
• Covers damage to the building where your office is located, as well as furniture and inventory
Key Types of Insurance
• Equipment Insurance – for the use of your personal equipment, as well as equipment you rent.
• Rental companies usually require proof of insurance (Certificate of Insurance) and some may insist they become “Additional Insured” on your policy.
Equipment Insurance
• Rate is based on value of equipment – $1 per $100 value of equipment– Does not include equipment taken on
location– Excludes wear and tear, intentional
damage, or an inherent defect– Keep list of serial numbers & receipts
off site
Key Types of Insurance• Floater Policy – covers equipment or
materials that leave your facility – $1.50 per $100 in USA– $2.00 per $100 worldwide
• Rental House Floater – covers equipment that you rent or loan to someone else who takes it outside your facility
Key Types of Insurance
• EDP – Electronic Data Policy – covers loss of hardware and/or software
Key Types of Insurance
• Extra Expense – helps cover additional expenses incurred due to an emergency or hazard.
--cost to reconstruct footage, recordings, and images due to acts of nature
--additional labor costs incurred to recover or reconstruct lost data due to computer virus
Key Types of Insurance
• Film Negative & Videotape - for re-shooting all footage lost or damaged, including paying for extra time for crew
• Faulty Stock, Camera & Processing - loss due to faulty materials or processing
Product Liability Insurance
• You need this if you make a product that could conceivably harm someone
Commercial Auto Insurance
Covers vehicles used for commercial purposes
Non-owned & Hired
Covers rental vehicles and employees using their own cars for business
Aircraft & Watercraft must be insured separately
Worker’s Compensationcheck with your state for rules
In Florida, if you have 4 or more employees,you must carry this insurance
It covers 100% of medical for injuries on the job and 60% of salary for life if disabled from injury
Worker’s Compensation
• Minimum annual policy is $450
• Rate is based on payroll– Film & Recording is $1.19 per $100 of payroll– Theatrical entertainer/musician is $4.30 per
$100 of payroll– Theatrical Lighting/Sound crew is $5 per $100
of payroll
Umbrella Policy
Provides additional coverage beyond the limits of your existing insurance
must have basic insurance in place to obtain this kind of coverage
Errors & Omissions Policy
“E & O” covers all court costs regardingintellectual property infringement,defamation or invasion of privacy
Required by film & TV distributors
Errors & Omissions Insurance• Important for service-based businesses• Protects you if you make a mistake or
neglect to do something that causes a client harm (doctor’s medical malpractice insurance)
Completion Bond
Most often used in Films and Game Projects:It guarantees the investors that the project will be completed and delivered (even if it goes over budget) or the investors will be repaid
Costs 3-5% of production budget
Completion Bond• They have experts who analyze all
the production documents (scripts, schedule, budget, contracts, etc)
• Their representative will constantly monitor production
• They typically “suggest” approved
producers, accountants, production managers, etc.
Completion BondIf the project goes over budget, they may• Loan additional funds to the producer
to finish the project (recouped from revenues)
• Take over the project and finish it themselves
• Stop production and repay the investors
Insurance
• Cast Insurance – covers expense to complete production due to the death, injury or sickness of performer or director
• Requires physical examination prior to being covered
Insurance
• Guild/Union Flight Accident – required by union contract for cast and crew members
• Props, Sets and Wardrobe – covers loss or damage during production
Film Production Insurance
• General Liability
• Worker’s Compensation
• Errors & Omissions “E & O”
• Completion Bond
• Film Production Package
Film Production Package• Cast Insurance• Negative Film and Videotape• Faulty Stock, Camera & Processing• Props Sets & Wardrobe• Equipment• Third Party Property Damage• Automobile• Extra Expense• Guild/Union Flight Accident
Game Design
• General Liability
• Worker’s Compensation
• Errors & Omissions
• Equipment, Property, Automobile
• EDP
• Extra Expense
• Product Liability
• Umbrella
Digital Media• General Liability
• Worker’s Compensation
• Errors & Omissions
• Equipment, Property, Automobile
• EDP
• Extra Expense
• Umbrella
Computer Animation• General Liability• Worker’s Compensation• Errors & Omissions• Equipment, Property, Automobile• EDP• Extra Expense• Negative Film & Videotape• Faulty Stock, Camera & Processing• Cast Insurance• Guild/Union Accident• Umbrella
Show Production• General Liability
• Worker’s Compensation
• Third Party Liability
• Equipment, Equip. Floater
• Rental House Floater
• Automobile
• Umbrella
Recording• General Liability
• Worker’s Compensation
• Equipment
• Equipment Floater
• Rental House Floater
• Property
• Automobile
• Umbrella
Entertainment Insurance
• Speare & Co.– www.speare.com
• Albert G. Ruben– www.albertgruben.aon.com