As a film producer, you are constantly transporting film equipment from place to place. Even when your crew takes proper care to prevent damage to your costly production equipment, there is always a risk that video cameras and other property could become damaged while in transport. That is why every film producer should have inland marine insurance. Not to be confused with “marine insurance,” which covers products that are transported over water, inland marine insurance covers products, equipment, and materials that are transported over land via transportation such as vans, trucks, or trains.
What Does Inland Marine Insurance Cover?
In short, inland marine insurance covers property that is transportable, movable, or involved in the transfer of information. As a film producer, this may include electrical equipment like cameras, computers, and servers. It may also include props used for your production, such as valuable artwork, sculptures, or other items that are owned or borrowed. Inland marine insurance also covers transportation equipment, such as cargo vans and food trucks. Your policy can even cover items that are located at the premises you are filming at that, but which you do not own, such as vending machines.
Small business owners often have the equipment they need located at their property. For example, the typical office building will have supplies and equipment stocked in a back room for easy access. However, this is not always possible with certain types of businesses, such as film companies. Being able to travel to different locations and sets makes it necessary to move equipment, oftentimes expensive equipment. While being able to transport equipment is useful for your production, it also comes with certain risks that could leave your company liable if you fail to obtain the right insurance.
What Are The Risks Of Not Acquiring Inland Marine Insurance?
As a business owner, you may believe that having general liability insurance is enough to cover any adverse event that could arise. This is not true. When it comes to the transport of costly equipment, a general liability insurance policy may not be adequate. If you fail to acquire the right policy, you could face the costly consequences later on. Say that your crew is transporting a video camera that is worth tens of thousands of dollars. The camera is stored in a cargo van that is involved in an accident on the highway, causing the camera to suffer extensive damage. With inland marine insurance, your camera would be covered.
When costly equipment or property becomes damaged, your company could be held responsible for the repair or replacement of these items. If you are not able to pay, you could wind up losing your business or suffer extreme financial pressures. Like your general liability policy, inland marine insurance acts as a safeguard for your business that not only protects your interests, but also provides you with peace of mind.
Why Is Inland Marine Insurance Important?
Not sure if your film production company really needs inland marine insurance? Ask yourself a few important questions before making your decision. Do you ship or transport cargo on land? Do you ship or transport high-value items? Are you frequently moving property from one place to another? Is there a chance that this property could become damaged in transit? Do you want to protect your company from potential loss and liability? If you answered yes to any of these questions, then having an inland marine insurance policy could be the right decision for your film production business.
Inland marine insurance does not just cover the items that you ship or transport, it also covers your business as a whole. From photography equipment to medical supplies, any type of equipment that you use for your business is covered. In addition, inland marine insurance covers your customers. If you have a client that leaves their property in your possession and it becomes damaged or stolen, your insurance policy would provide the necessary coverage. If you rent or lease equipment from a third party, you may be required to have insurance. Having protection from an inland marine policy can help you acquire the equipment you need.
Speak With A Professional Film Insurance Broker
The cost of your inland marine insurance policy will significantly depend on the size of your business, the limits you will need to meet, and the amount of protection that you are looking to get. However, as a film producer, having inland marine insurance is a smart investment as the consequences of not having the right insurance can be far more significant than the cost of your premiums. For more information about inland marine insurance for film producers or to acquire inland marine insurance for your next production, contact the film production insurance brokers at MFE Insurance today.