Film and Television Producers Package Insurance: Coverage, Claim & Exclusions

Updated: 27-06-2022 16:19:56 PM

Entertainment is one of the highest grossing businesses in India today. In fact, all over the world this arena has gained strength both monetarily and in popularity. However, with such great exposure also comes greater chance of risks, especially financial. This is why film and television producers package insurance policy is so important for this sector.

What is Film and Television Producers Package Insurance?

This is a must have coverage for people working in the production of movies and television series. As the name suggests, it is a comprehensive insurance coverage to manage risks associated with films, tapes, equipment, props, sets, etc.

Types of Film and Television Producers Package Insurance

• Short term insurance: Covers production risks based on each project
• Long term insurance: Covers multiple projects within the policy period

What all Film and Television Producers Package Insurance Covers?

The film and television producers package insurance policy offers coverage for various situations and cases. These can be divided into 10 sections. They are:

• Extended Pre-Production Cast Insurance: If any cast member is not able to participate in the shoot during the pre-production period, this insurance covers the expenses made to employ these people. Death, sickness and/or kidnap of the designated person falls under the risks associated with this insurance type
• Cast Insurance: If the insured is unable to commence, continue or complete their respective duties or performance, the expenses associated with such risks are covered under this section. Death, kidnap, injury or sickness of the insured is also included here
• Negative Film & Video Tape: Physical loss or damage to the property or production assets. Here property refers to raw film, exposed film, matrices, tape stock, videotape, cutting copies and working prints
• Props, Sets & Wardrobe: Physical loss or damage to props, sets, costumes, wardrobe, scenery and theatrical property
• Miscellaneous Equipment: Damage or loss caused by any external effect to properties like camera, sound & light equipment, etc.
• Third Party Property Damage: Legal liabilities arising because of loss, destruction or injury of property while it is under care, control or custody of the insured
• Additional Expenses: Expenses related to completion of the principle photography of the insured production
• Money: Loss of production money from safety deposits due to theft or burglary
• Film/Video Tape in Storage: Damage or loss to film, video tapes caused by any of the external cause, other than the ones included in the policy
• Commercial General Liability: Third party legal liability because of bodily injury, property damage or denial of access

Read More: What is Commercial Insurance – Coverage, Claim & Exclusions

How Film and Television Producers Package Insurance Functions?

This plan is not like some rocket science that it would take forever to understand its functioning. Despite being new in the market, the policies and plans offered are quite easy to comprehend. Let us understand how this insurance policy works:

• First and foremost, be completely sure of what your requirements are. How much sum insured and coverage you really need. Also, consider the affordability aspect of this plan as to whether you can actually afford it without having to skip the premiums
• Once you’ve decided the aforementioned, choose the provider from which you feel satisfied buying this plan
• Submit the documents needed for the application along with the duly filled application form
• The provider shall verify all the details and then finalise the premium
• When in need of making claims, you will be required to inform the provider about the same
• After proper investigation of the claim, it will be settled as per the process of the provider

Eligibility Criteria

Film and television producers package insurance policy is available for:

• Music video makers
• Corporate productions
• Educational film makers
• Animation film producers
• Commercial still photographers
• Television shows or serial producers
• Motion picture & feature film producers
• Advertisement or documentary film makers

Film and Television Producers Package Insurance Claim Process

The claim process constitutes the following steps:

• Intimate the insurance company as soon as possible about the eventuality
• Submit the claim form and other required documents to the insurance office
• An investigator from the insurance company will be sent to verify the claim
• If the claim is according to the policy, the amount is paid to the beneficiary’s account

Documents Required for Claim Process

For settlement of claim under film and television producers package insurance, the following documents are required:

• Duly filled in claim form
• Death certificate, in case of death
• FIR report in case of theft or accident
• Medical certificate in case of disability
• Discharge summary in case of hospitalisation

Cases Where you Can’t Claim Film and Television Producers Package Insurance (Exclusions)

This insurance policy offers coverage in such a way that the insured can get the best for themselves. However, the policy does not provide coverage for certain situations and you should be aware about it. One should be aware of the exclusions under the Film and Television Producers Package Insurance. It does not cover damage or loss caused by:

• Hazardous activities
• Hazardous property
• War, rebellion or civil wars
• Mechanical or electrical breakdown
• Unexplained loss of inventory or shortage
• Wear and tear or depreciation of equipment, etc.

How Long Does it Take to Pay Out a Claim?

The claim is usually settled within 30 days of claim intimation. If there is any dispute, it might take more time to settle the claim.

Companies Offering Film and Television Producers Package Insurance in India

This insurance is a new egg in the basket; however, many insurance companies in India are offering it. Some of the companies that have come forward to offer this new-age plan for the insurance sector are:

• HDFC Ergo
• United India Insurance Company Ltd.

Important Aspects

You should be aware about all the points related to Film and Television Producers Package Insurance before buying one. Let us look at some important points to be kept in mind:

• The film makers can opt for the coverage depending on the requirement and the type of production
• One can extend the coverage of this plan by opting for riders. This would require them to pay extra premium for the same. These riders cover the following situations:
  • Terrorism
  • Worldwide geographical limits
  • Shoots in foreign location
  • Non-appearance of the cast/crew members for the shoot for reasons beyond their control
  • Unseasonal weather adversity
  • Rain cover
  • 30 days’ reimbursement for damage or loss of the rented property

Advantages of Buying Film and Television Producers Package Insurance

This insurance policy will help people associated with films and television to give their creative best. They can deliver the best without thinking much about the associated risks. Some of the advantages of purchasing Film and Television Producers Package Insurance are:

• Film producers can use the best equipment for outdoor or indoor shoots as any risk to the equipment is covered
• Insured can plan shoot at foreign sites without the fear of losing money in case of mishaps

FAQs

Q1. On what does the premium amount depend for film and television producers package insurance?

The premium for this insurance policy depends on the following points:

• Nature of shoot
• Type of production
• Gross production cost
• Geographical limitations
• Count of people in the cast group

Q2. What does Inland Marine refers to in film and television producers package insurance?

It refers to property used during shooting. It might be rented or owned.