Film insurance protects a varied niche; a studio planning its projects must carefully consider it. DICE insurance (for documentary, industrial, commercial, and educational films) can provide a broad spectrum of coverage.
Making sure the coverage amounts, exclusions, and other details are aligned with a project can help any studio choose the right insurance for film production.
To better visualize what types of insurance may be right for your project, it can be helpful to look back at some of the most notable film incidents that have sent shockwaves across the industry. Without proper coverage, these mishaps and accidents could have cost studios their very existence; bankruptcy is just one looming concern.
Insurance is an irreplaceable piece of the puzzle. Here are a few high-profile film disasters that can teach any studio the importance of strong DICE insurance coverage.
High-Profile Film Disasters: The Poster Children
Films come in all shapes and sizes, with them come accidents, injuries, and more. While the average person may not have heard of the myriad mishaps that can occur on any film set, some events have been so notable that even the general public has taken note. By comprehending what happened on the sets of these iconic films, other studios can better perceive the types of coverage most suitable for them.
Maze Runner: The Death Cure (2018)
The Maze Runner series has been popular with young adults across its numerous iterations. Still, it was not always smooth sailing during production. During one riveting stunt, the main character, Dylan O’Brien, found himself being dragged underneath a car, leading to catastrophic injuries. The actor suffered a fractured face that not only required time to heal but also impacted the timeline for returning to production, as an actor’s face remains one of their most essential features.
Studios that acquire a complete business interruption insurance policy can face these mishaps with reassurance. Such coverage can address the costs of delaying production, from extended rental fees to the costs of reshoots. Additionally, cast & crew insurance can help to cover injuries during production, from medical bills to rehabilitation costs.
Wind (1992)
While Wind is no longer a recent film, it remains one of the most famous film-related incidents. Stunt coordinator Chris Andersen was resting on a yacht when another yacht collided with the boat at high speed.
This incident led to Andersen’s lengthy stint in medical care, including an amputated leg. While he continued to dedicate his time to stunt work in the film industry, his injuries were life-long.
Few insurance policies are as valuable as workers’ compensation in such situations. This coverage can pay for significant medical treatment and address costs such as compensating Andersen for his pain and suffering and the lost income he endured while he recovered.
The Hobbit (2012-2014)
Peter Jackson’s The Hobbit series sought to recapture the magic of his previous The Lord of the Rings project, but it did not come without challenges. Due to the nature of the filming location, 27 animals passed away during production.
Because of these accidental losses, the studio could have benefitted from E&O (errors & omissions) insurance. This can help to cover legal fees and other financial consequences related to mistakes in production, from copyright infringement to accidental regulatory non-compliance.
The Expendables 2 (2012)
In some instances, film studios can be subject to legal action due to events during or after production. In the case of The Expendables 2 from 2012, professional liability insurance is non-negotiable. When stuntman Kun Liu passed away following a pyrotechnics stunt that led to an explosion gone wrong, the studio found itself in a difficult spot.
Liu’s family submitted a wrongful death lawsuit, alleging that the production did not correctly follow safety protocols to prevent stunt- and pyrotechnic-related accidents. Without liability insurance, the studio would have been entirely responsible for paying out any settlements of judgments regarding the wrongful death lawsuit, fines for improper safety protocols, and more.
Stop Film Disasters From Destroying Your Film
Accidents happen, and even the most prepared studios should expect to encounter issues while completing their projects. This is why DICE insurance is so valuable; it provides a broad spectrum of protection that addresses studios’ most salient risks. If you are unsure which types of insurance you need or need to confirm that your coverages are sufficient, trust industry professionals.
Contact MFE Insurance today to speak with an insurance agent who knows films and the exclusive challenges they can bring.