Whether you’re producing a TV commercial, short film, or music video, you need to have the right cover.
Producers’ Indemnity (sometimes called Production Cover) is an insurance policy designed to reimburse your production budget for financial losses incurred when key cast members can’t work due to injury, illness, or death, or when unforeseen circumstances result in the delay or abandonment of your shoot.
The media element of the policy protects the media itself from physical damage or loss and can extend to include re-shoots and the costs associated. And because each shoot is unique, this cover can be provided on an ad hoc, single-production basis, or an annual policy covering all productions throughout the year.
Why might you claim on a production?
Imagine – you’ve prepared for weeks for an upcoming shoot, spent a hefty amount getting everything ready, and aligned your cast and crew’s busy schedules to work together… but the location you picked has been destroyed by a fire.
Whilst stressful is probably an understatement, Production Insurance can lessen the impact on you and your team. The right cover should provide support to either pay the expense to rearrange or find another location – and if the shoot is abandoned, it would pay for the costs already incurred.
Why might Production Insurance be mandatory?
Production Insurance is often an optional purchase, however, it can be mandatory for production companies working with contracts approved by the Advertising Producers’ Association and the Institute of Practitioners in Advertising.
Additionally, governance for production and contractual obligations can fall under the Production Insurance Briefing Specification (PIBS), which is a crucial document in commercial film production, particularly within the advertising industry.
It outlines the insurance requirements that a production company must adhere to when working on a project. Therefore the “contractual obligations” within the PIBS primarily relate to insurance coverage. If this is the case, you need to ensure that your policy meets those requirements.
What cover do you need as a creative agency?
Creative agencies are normally either the production firm making the content, or the advertising agents commissioning a production firm on their behalf.
That arrangement will dictate the type of policy required, as cover can be tweaked to ensure your responsibility and role in the production – whether that’s the advertising agency or the production firm. For annual policies, you can also get a blended policy to cover both elements if you have your fingers in many pies.
What cover can you expect from Production Insurance?
Production Insurance can provide well-rounded protection and can include:
Need help with your Production Insurance?
We’ve helped countless businesses in the film and TV production sector get their insurance right. Each time a client has made a claim, we’ve been there to support them every step of the way – and we can do the same for you.
If you’d like to discuss your insurance requirements and find out more about how we work, call us today at 0161 533 0411 or email info@riskboxuk.com.
Photo by Samantha Borges on Unsplash
