Film projects rely on hundreds or even thousands of pieces of equipment. It is often unreasonable to expect a studio to own all of these devices, tools, and vehicles. Most productions will rent at least a portion of their equipment, but this presents its own challenges: how much equipment should they rent, and how should it be insured?
Rental insurance is not always a great fit in the context of film equipment, so studios are left seeking other options. The good news is that film production insurance is a valuable tool. It offers broad coverage for various potential costs associated with property damage or harm to workers.
This coverage often includes some assistance with rental equipment, though each policy will be exclusive. Always review any insurance package you are considering to understand what is and is not covered.
How Film Production Insurance Protects Rented Equipment
Film production insurance is an umbrella term for policy groupings that are typically assigned together. Within the scope of this type of coverage are three primary categories in which rentals may be included:
Commercial Auto
Film production insurance can offer coverage against the financial ramifications of accidents, damage, and more when using rented vehicles. Because many studios will be utilizing vans to transport equipment, potentially including vehicles with mounted cameras for film capture, there are many opportunities for these valuable assets to become damaged. Should this occur, film production insurance’s commercial auto subset could help the studio with the costs of remedying the event.
Film Equipment
The most common type of rental in the film industry is equipment. Studios often rely on rented cameras, lighting, and other materials since keeping these on-site between productions can become cumbersome (making them a prime target for theft). Film production insurance usually includes some financial protection for rented equipment so the owner can be compensated if something is damaged or lost.
General Liability
One often overlooked area when considering film rental coverage is general liability insurance. The scope of this type of coverage usually addresses damage to third-party structures (such as if a film van accidentally backs into a fence on private property).
However, many studios choose to rent venues for shoots or even employee gatherings, and damaging the venue can leave the studio financially liable. Good film production insurance can offer financial support for damage caused to rented venues.
Other Protection Within Film Production Insurance
While production insurance can play a big role in covering a studio’s needs in terms of rental protection, this is not its only function. Other types of coverage that are often included within film production insurance include:
Cast & Crew
Should an individual working directly on a shoot be harmed during the film’s production, cast and crew insurance can help. This type of protection addresses the costs associated with hiring new talent to replace someone injured, and it can even help pay for an actor who needs medical attention.
Errors & Omissions
Even the most carefully curated film teams can still make mistakes, which is what E&O insurance is for. Should a studio accidentally infringe on someone’s copyright, including trademarked material they did not pay for, or produce slanderous content, the studio could be on the hook for the costs of making things right. E&O insurance can assist with these financial ramifications to mitigate the harm to the studio’s budget and profits.
Workers’ Compensation
Film sets can be dangerous. For example, there are many tripping hazards due to cords, equipment, and props. A worker could be injured (sometimes fatally) while working within the scope of the film project. Workers’ compensation insurance can cover a portion of the employee’s earnings, rehabilitation costs, medical expenses, and death benefits, such as funeral expenses, should the employee die due to a job-related injury.
Get Film Production Insurance to Address All Your Film Needs
Every film production must consider risks, from equipment theft to worker injury. These perils can be even greater with rented equipment, which benefits from its own protection separate from studio-owned materials.
If your team relies heavily on rentals, consider thorough film production insurance that can address the financial risks of renting. Contact the team at MFE Insurance today to work with industry professionals who can create a customized insurance strategy that suits your production.