Every film project has multiple moving parts, from the talent to the equipment riggers, video editors, and more. With so many hands in the pot, it is easy for something to go wrong, and even with a carefully curated team, accidents and unexpected events can happen.
Film productions must invest in complete film production insurance to keep their project on schedule without significant financial setbacks. However, deciding which insurance coverage is right for a film can quickly become overwhelming. This is where DICE insurance comes in.
DICE is a broad-spectrum insurance product that can blend some of the most commonly utilized protections in the film industry. Whether you are working on a one-off project or intend to produce multiple films each year, DICE insurance can make this process easy.
Learn how DICE insurance can save your production, from natural disasters to equipment failures.
What Does DICE Mean?
The term “DICE” comes from Documentary, Industrial, Commercial, and Educational, the most common types of projects covered by this type of insurance. Most film productions will fit somewhere among these categories, making DICE such a widely accessible type of insurance coverage. If you are unsure whether DICE aligns with your project, contact an experienced insurance professional.
How DICE Insurance Covers Productions
One of the things that makes DICE insurance extremely appealing to studios, both large and small, is its broad spectrum of coverage. While each film should purchase insurance that is customized to the specific risks it faces, all films benefit from some baseline coverage. This type of protection includes:
General Liability
Every film production needs general liability insurance because it is invaluable as a form of protection and because most venues will only allow filming once the studio can demonstrate a minimum level of liability protection. General liability insurance covers the cost of property or personal damage the production causes to third parties (e.g., venues, bystanders).
Equipment Protection
A film’s equipment brings together disparate parts of the project, like sound and visuals. If something goes wrong with this equipment, the production could be stalled for days or weeks while the studio finds the money for repairs or replacements. DICE insurance offers equipment protection to cover these costs so that filming can continue as planned.
Cast & Crew
No film would get far without the dedicated cast and crewmembers who keep the production running. Suppose something should happen to these essential players. In that case, a production can quickly find itself in financial strain as they race to replace a star actor or find a new sound designer. The cost of this process can be covered by DICE insurance.
Faulty Stock
No film studio wants to labor over their project for months or even years only to discover that the film they so carefully shot is faulty or, even worse, deleted or corrupted. Failure to abide by pre-arranged timelines can leave a studio in financial hot water. However, DICE insurance can help to cover the monetary consequences of faulty stock and negatives from filming.
Workers’ Compensation
Every studio needs workers’ compensation insurance; like liability insurance, it is typically mandatory. Suppose a production worker is injured during the course of their employment. In that case, workers’ compensation can be paid for their time off work to recover, their medical bills, or any costs for necessary rehabilitation.
In the tragic event that someone loses their life on the job, this insurance can also compensate the family, remunerating them not just for their emotional distress but also for looming financial expectations such as funeral expenses.
Errors & Omissions
Even the best-laid plans can go awry, and a surprise lawsuit may beset films after the production has been published and disseminated. For instance, an individual may claim that the film’s content was stolen and initiate a lawsuit for copyright infringement.
Alternatively, a business may allege that the studio used a protected likeness or logo without permission. In cases like these, DICE insurance can offer E&O protection to mitigate the financial damage from these claims, pay for legal defense, and more.
Get Customized DICE Insurance for Your Next Production
Every film project is exclusive, and studios should invest in insurance products that address the specific risks and perils the film is expected to face. However, studios must always maintain their strong baseline coverage, which is where DICE insurance comes in.
To understand how DICE insurance can work seamlessly with more specific coverages and how the contents of a DICE policy can be customized, be sure to speak with industry professionals who know the film process inside and out. Contact MFE Insurance today to build an insurance package that perfectly fits your business.