Creating a film is challenging, and tackling multiple projects in one year is even more so. Because of the additional complexities associated with manning numerous productions, most film studios struggle to understand how to build insurance protection. Rather than purchasing a single short film insurance policy for each production, consider how DICE insurance can cover the studio’s needs across multiple creations.
DICE insurance streamlines the process across all tasks because each film project likely takes place in different locations with different crew, cast members, and equipment requirements. DICE insurance offers the flexibility many studios need by providing thorough coverage no matter the project’s details.
Here are the basic protections that DICE insurance can provide so studios can understand how this product fits in with the rest of their planned protections.
The Coverages Provided by DICE Insurance
DICE insurance (which stands for Documentary, Industrial, Commercial, and Educational) is a useful tool for film studios that want to manage all of their protections in a single place. Rather than keeping track of multiple policies, DICE insurance makes the process easy. Some of the many protections offered by DICE insurance include:
Equipment
Film productions rely on equipment ranging from cameras and lighting to sound and data storage hardware. Suppose any of these elements are damaged, stolen, or need repair.
In that case, the production can quickly grind to a halt (which causes its own set of potential costs from delays and missed deadlines). Equipment insurance can keep production on track by streamlining equipment repair and replacement so no mechanical disruption can derail a project.
Cast & Crew
The actors playing roles in the film and the crew who support them need protection. DICE insurance provides the financial support a studio needs to help cast and crew through illnesses, accidents, and injuries. It removes this financial burden from a studio’s shoulders, from paying medical bills to providing support during recovery.
Errors & Omissions
Errors & omissions insurance, or E&O, is non-negotiable for film studios that want to protect their finances from the potential consequences of mistakes and issues they have overlooked.
A studio may fall victim to defamation claims, copyright infringement, negligence, trademark violations, or other omissions and inaccuracies. DICE insurance provides financial support for factors such as legal fees and fines to facilitate a smooth process while these claims are processed.
General Liability
No film studio should be without general liability insurance; in fact, most will find it difficult, if not impossible, to secure venues and other assets if they cannot demonstrate proof of a general liability insurance policy.
This protection safeguards a studio from the financial consequences of accidents the production causes. For instance, if the crew accidentally damages something at a third-party venue, DICE insurance’s general liability inclusion could cover compensating that venue for the repairs.
Workers’ Compensation
Every film studio needs workers’ compensation insurance to protect the individuals who work on the project. Workers’ compensation can cover their bills, rehabilitation costs, and even longer-term recovery if someone needs medical treatment for a work-related injury.
Suppose someone tragically passes away as a result of a production task. In that case, DICE insurance can compensate the family for their loss and the related expenses, such as funeral costs.
How to Choose the Right DICE Insurance
While DICE insurance policies are similar in that they combine multiple types of coverage into a single, easy-to-use product, they are not all the same. The best DICE insurance is custom-crafted to suit a specific studio and its production plans. When choosing a policy, be sure to:
- Read the details – Not all DICE insurance packages will include the coverage your studio needs. For instance, studios relying heavily on drone footage should read their DICE policy’s equipment insurance portions to make sure drones are covered.
Trust the pros – General-purpose insurers do not know how to provide informed guidance about the types of coverage limits necessary in the film industry. Select DICE insurance offered by agencies versed in film.- Demand responsiveness – When evaluating any potential insurer, consider your expectations boldly. A good agency should respond promptly to inquiries and make filing claims easy.
Get DICE Insurance to Safeguard Your Productions
Whether planning your first few productions this year or ready to tackle your next to-do list task, DICE insurance can protect you across multiple projects. The team at MFE Insurance has been helping film studios secure the coverage they need to film with confidence for many years.
Contact MFE Insurance to discuss your own goals and needs and receive a customized DICE insurance recommendation.