Insurance for feature film production covers a broad scope of potential risks, which are exclusive for each production. While documentaries may contend with a heightened risk of defamation and slander, action films likely need coverage for stunts and drone equipment.
Thus, it is essential to carefully review all the available insurance options and partner with an insurance agency that bundles protection and helps you cover the gaps.
While only your studio knows what risks your feature film is likely to face, some coverages are non-negotiable or highly advantageous, regardless of the details of your project.
Here are some of the most important coverages for feature film productions, from cast insurance to equipment insurance and more.
Understanding Cast Insurance
Cast insurance is a type of insurance coverage that specifically addresses the risks faced by relying on industry talent to complete a production. Whether an essential actor fails to show up for filming or is detained on the way to set, your production could face financial consequences and timeline delays without cast insurance.
The most common areas covered under cast insurance are illness, death, injury, or unlawful detention of talent. However, most insurance policies will not cover absence related to pregnancy, childhood illness, harm from stunts, or losses incurred because the production did not adhere to its original production timeline (e.g., an actor becoming unavailable because a production ran over schedule).
Equipment Insurance: Protecting Your Production Assets
Alongside the cast, the equipment used for filming is essential for a timely and high-quality finished production. Equipment insurance covers items ranging from cameras to lighting gear and more. Suppose they are damaged during filming or need to be replaced. In that case, this policy can cover the fees to keep the production on track.
Many types of equipment insurance cover both owned and rented devices. However, always read the details of your insurance policy to understand whether you need supplemental coverage for the type of machinery you are using.
Third-Party Property Damage Insurance
Third-party property damage insurance, also called general liability insurance, is mandatory for most film productions. This is either due to state or municipal requirements or because venues will not provide permits to shoot without demonstrating a general liability policy.
This type of coverage protects third parties uninvolved with the production from harm that the production may cause. For instance, suppose a film was being shot in a public location.
If a boom arm broke and spun unexpectedly, cracking a nearby window, the production studio would be liable for the damages unless it had property damage insurance to cover the bill.
Negative Film & Faulty Stock Insurance
Once a film has been recorded, the risk is not over. Physical loss, damage, or accidental (or intentional) destruction of the film itself can leave a studio unable to recover or deliver on its distribution promises. Negative film & faulty stock insurance addresses a wide range of potential harms or data loss that can make some or all of a film’s recording unusable. However, it may not cover:
- Errors in recording caused by the editing team or cameraman (e.g., faulty processing)
- Exposure to or storage in inappropriate places (e.g., a damp basement)
- Using the wrong camera or lens for the job
- Inexperience or mistakes in lighting, sound, or exposure settings
Weather Insurance: Protecting Against Unforeseen Delays
Weather insurance may be included as part of business interruption coverage. When a film is on a tight deadline, being unable to record due to weather, unexpected changes to vendor schedules, and more can have a significant financial impact.
Business interruption insurance protects a production from the financial fallout of failing to record due to unexpected delays. Some costs that may be covered include:
The cost to continue to pay actors for days on which they are not performing due to delays- Rental fees for shoot locations or equipment that cannot be used
- Reservation fees for specific items or partnerships
- Distribution agreements for a specific timeline that can no longer be met
Establish That Your Production is Fully Covered With MFE Insurance
Creating a feature film is a significant commitment; doing so without insurance is asking for financial disaster. A complete insurance profile includes many types of coverage, and securing them all from professionals in the film industry can offer the best form of protection. The specialists at MFE Insurance provide professional guidance in securing thorough insurance for film productions of all sizes.
Contact MFE Insurance to discuss your goals, learn more about the risks that your production may be facing, and secure insurance coverage that addresses your needs without claiming an unnecessary chunk of your budget.