Any film production will face numerous risks throughout its lifetime. From cast injury or illness to a malfunctioning computer that loses precious film files, plenty can go wrong during each stage of the production process.
To protect the studio from the significant financial implications of these risks, it is wise to purchase a full spectrum of insurance coverages that reduce or eliminate uncertainties. DICE insurance is one such option.
However, not all film studios are aware of DICE insurance; if they are, they may not know whether it will work for them. It is essential to understand what DICE insurance is and which types of coverage are most commonly bundled into it to make an informed decision for your studio.
By working with an insurance professional with deep knowledge of the film industry, your production studio can create a DICE policy that includes the protection you need to film with confidence.
Do I Qualify for DICE Insurance?
DICE insurance covers documentary, industrial, commercial, and educational films. Because many film projects fit within this umbrella, it is common for most films to have DICE insurance of some type. However, how thorough the coverage is will depend on how closely the studio works with its insurer and what kinds of projects they film.
How DICE Insurance Can Fully Cover a Production
DICE insurance is a versatile product made of multiple insurance policies bundled together for ease of use. However, because each type of coverage is exclusive it is still essential for any studio to carefully review both inclusions and exclusions to make sure their filming is adequately protected. In general, the basic types of coverage included in a DICE policy may be:
General Liability
Every film studio needs liability insurance. It covers the production against financial costs, such as paying for accidental injury or property damage. It allows studios to work with more filming venues and locations because they require a liability insurance policy.
Most studios will use their liability insurance for instances such as accidentally damaging something a venue owns (e.g., a wall) while shooting a scene. Check your DICE insurance policy to make sure the coverage amount is sufficient for your production’s size and level of risk.
Workers’ Compensation
As with general liability insurance, film production studios should always carry workers’ compensation protection. Film sets can be dangerous places, and workers’ comp protects the crew from the strain of medical bills should they need treatment for injuries sustained as part of their work.
Check your prospective DICE coverage to see which types of injuries are covered and find any exclusions that may be problematic for your team.
Equipment
Film equipment is one of the cornerstones of any successful project. Studios can spend a significant (unplanned) amount of their budget repairing or replacing damaged equipment to keep their timeline set.
However, equipment insurance can remove this burden by providing the financial support needed to fix equipment. Review any DICE policy to see if certain types of equipment are excluded, either by value or in certain use cases (for instance, drones may not be covered without an additional rider).
Electronic Data
A film project can end in catastrophe if the files are corrupted, lost, or stolen before the project is disseminated. DICE insurance can sometimes offer financial compensation when a film project must do costly reshoots or adjust the timeline to fix lost data.
Business Interruption
Another factor that may impact a studio’s finances is unexpected interruption. If a venue must cancel the studio’s reserved times, such as weather stopping an outdoor shoot, business interruption coverage can help to cover costs in the interim, as long as it is included in the DICE policy. Otherwise, it must be added as its own coverage.
Errors & Omissions
Even the best-laid plans can go awry, and films can make mistakes that only become evident after publication. From accidentally including trademarked material to facing claims of copyright infringement, errors & omissions (E&O) insurance can keep a studio safe from the legal fees and other financial challenges of making a mistake.
Keep Your Production Secure With DICE Insurance
Film productions are complex jobs that face risks from numerous potential sources. For many studios, DICE insurance is an approachable way to address many of these risks in a singular package.
However, it is always important to carefully review the details of any insurance to identify gaps in protection. Contact MFE Insurance today for insurance customized to the specific type of film you are producing and the risks exclusive to your project.