The film and media industry is inherently high-risk, involving expensive equipment, tight schedules, and unpredictable challenges. Production insurance safeguards projects against financial losses, ensuring continuity even during unforeseen events.
Insurance isn’t just protection; it’s a necessity for the financial and operational stability of productions. By mitigating risks, it allows filmmakers to focus on creativity without compromising their investment.
Key Risks in Film and Media
- Equipment and Asset Loss: High-value cameras, props, and sets are prone to damage or theft.
- Cast and Crew Issues: Illness or injury to key personnel can halt production, causing costly delays.
- Legal Liabilities: Copyright disputes, defamation claims, or accidents on set.
- External Disruptions: Weather, geopolitical issues, or cyberattacks can derail projects.
Insurance as a Production Enabler
- Completion Bonds: Essential for securing funding, ensuring the project will be completed.
- Distribution Requirements: Errors and Omissions (E&O) insurance is mandatory for releasing films on major platforms.
Market Data
- Insurance Cost: 2%-3% of the total budget for independent films; $1–$3 million annually for large productions.
- Claims Breakdown: 60% for equipment damage, 25% for cast delays, 10% for legal issues.
For any insurance solutions, please contact Beacon Insurance Broker Pvt Ltd at https://www.beacon.co.in/
Insurance is a subject matter of solicitation
