DICE insurance (documentary, industrial, commercial, and educational) is a staple in the film industry for its broad spectrum of protection. While every studio should carefully review its insurance needs and select policies that address the risks it may face during production, having generalized coverage is also helpful.
It can reduce the administrative headache of maneuvering multiple policies (especially from different insurers), and it may cover incidentals that the studio did not consider when selecting its protection.
No matter what reason your studio has for considering DICE insurance, this type of coverage remains popular in the film industry for a reason.
Here are some common production problems solved with DICE insurance so your studio can decide whether this coverage is right for your project.
Loss of Footage
One of the most catastrophic things that can happen to any production is the loss of footage that has already been recorded. Whether due to data corruption, damage to electronic storage, or something else, footage loss will result in reshoots (and the associated costs) and may even require the entire film to be scrapped if enough was lost.
DICE insurance can provide financial assistance to recover after a loss so that the vision for the film does not have to be abandoned.
Errors & Copyright Infringement
Even careful filming can be prone to accidents and errors. A film studio cannot control whether a third party files a lawsuit claiming the production infringes on their copyrighted idea. Perhaps they accidentally included a branded product in a shot without paying for the rights. No matter the accident, a film studio can be protected under DICE insurance for errors.
Individually, this type of coverage is usually called professional liability or E&O (errors & omissions). It can address the fees associated with legal action to defend the film or to pay to fix a mistake (e.g., by purchasing the rights to display a brand).
Equipment Damage
Without film equipment, any production is not going to get far. Cameras, lights, microphones, rendering software, and more require substantial investment and reasonable care to continue functioning. DICE insurance provides equipment protection so that if something is damaged or stolen, it can be replaced quickly with a comparable item.
This allows productions to plan more accurately for the financial impact of the film on their budget, as they do not have to account for unexpected expenses such as replacing a lighting rig.
However, be aware that not all types of equipment are necessarily included in a baseline policy. Drones, for example, may require special additions. This is why working with industry professionals who provide customized DICE insurance solutions is always valuable.
Business Interruption
Films can never predict when things will not go according to plan. For instance, a natural disaster may make filming on location impossible, or a venue may cancel a rental contract, leaving the film without a set. DICE insurance can include business interruption coverage so studios do not lose their investment if unexpected events occur.
Cast & Crew Injury
Without the cast to star in the film and the crew to film it, any production will find itself stalled. DICE insurance offers coverage for cast and crew so that if they are injured during production, the studio does not have to pay out of pocket for their medical costs or time off.
Suppose the injury occurs to a lead actor who needs to be replaced. In that case, DICE can help to cover the expenses related to finding a replacement or reshooting non-replaceable scenes.
General Liability
Perhaps the most ubiquitous type of film insurance coverage, general liability is typically mandatory to acquire a permit to begin filming. DICE insurance provides general liability coverage to address the risk of harm to a third party or their property.
Whether a passerby trips over a cord while the studio is filming in a public space or the team damages a rented set during production, DICE can help to pay for the costs to make the other party whole.
Keep Your Production Protected With DICE Insurance
Every film has a broad spectrum of protections to consider before it can safely start production. Instead of enduring the hassle (and potential oversights that follow) of selecting individual insurance policies and cobbling together protection, consider how DICE insurance can provide broader coverage across various risk categories.
The professionals at MFE Insurance can help you identify the areas that pose the greatest threats to your production and how to customize a DICE insurance policy to minimize gaps. Contact MFE Insurance today to get started!