Chubb Group’s Film Producers Policy Is Designed for the Digital Age |
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Written by U.S. Insurance News
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Friday, 22 February 2008 |
While moviegoers benefit from technologies that have revolutionized the film industry, changes in the way movies are made have raised the risks that production companies face.
While moviegoers benefit from technologies that have revolutionized the film industry, changes in the way movies are made have raised the risks that production companies face.
As a response to this growing risk, the Chubb Group of Insurance Companies has introduced its Film Producers Risk policy. It helps cover additional costs incurred to complete a production when it is interrupted or has to be re-shot as a result of specific causes. But what really sets the policy apart from others offered to the movie industry is that it extends protection through post production, not just principal photography.
According to Gene Williams, vice president of Chubb & Son and worldwide entertainment manager for Chubb Commercial Insurance, post-production coverage is crucial, because, thanks to digital technologies, principal photography and post-production often occur simultaneously.
“Chubb’s new Film Producers Risk policy is a fresh approach. It’s not just a matter of minor tweaks,” Williams said. “The old, traditional film policies were designed for an analog world, but we’re living in a digital age. Chubb’s new policy is designed for the way films are being made today.”
The policy also covers costs incurred from:
- 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, and such.
- Illness or injury of cast members or their immediate family.
- Loss of power, communication, or other utilities or services.
- Seizure or quarantine of property by government or military authority.
Filmmakers are also protected against the cost of repairing or replacing lost or damaged property, including production equipment, props, sets, wardrobe, and animals, and the legal liability for damage to property of others.
Film Producers Risk policy, which is available for producers of feature films, television, commercials, music videos, and educational, or corporate films, offers optional riders that cover cast members (without age or childhood disease exclusions); a blanket limit for undeclared cast or crew members; damage to media from X-rays, magnetic fields, or temperature extremes; and losses caused by malicious computer programming.
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