So, you’ve recognised just how crucial your film and TV equipment is to your work, and you’ve protected it with a good Production Equipment insurance policy. While we hope it never has to kick in in the event of a claim, it’s important to be aware of the process should the worst happen.

What can you expect during a claim? We take a closer look… 

What does the insurance claims process look like?

The first step is to notify insurers as soon as possible. We’d always recommend notifying your insurer via your broker. As brokers, we can assist you with the claim, ensuring you present and collate all the required information from the off so we can make the process as smooth as it can be. Should insurers push back on elements of the claim, we’re there to fight your corner, hold them to account, and make sure you get the right result.

Your insurer may then appoint a loss adjuster. It’s important to remember that they’re acting for the insurer, and you should get independent support to ensure the claim is fairly dealt with.

If your claim is sound, insurers can choose to replace the equipment for you or provide you with a cash settlement so that you can replace or repair it – depending on the basis of cover you have. The settlement would be the cost of repair or replacement, less your excess. If you’re VAT registered, you will need to pay the VAT on the settlement although you can claim this back from HMRC on your return. The excess would be shown within your schedule and ranges across which insurer you use.

However, if you’re underinsured on your equipment, the average condition will likely apply. Check this out on what a good policy looks like

What information will I need to give during an insurance claim?

The information required will of course vary depending on the claim, so we’ve broken down two common examples below.

Theft

• Crime reference number
• VAT number
• Circumstances (where, when and how it happened)
• CCTV
• Pictures of any forcible entry or exit if relevant
• Proof of ownership 

Accidental damage

• VAT number
• Circumstances (where, when and how it happened)
• Repair quote, or evidence if the equipment is beyond economical repair
• Proof of ownership

How can I show proof of ownership?

A receipt or some kind of proof of ownership is a crucial element for insurers, and being able to present it will save a lot of back and forth. What’s more, as the equipment is your livelihood, it’s crucial that you quickly know what is missing or destroyed – particularly in the event of a theft or fire for example.

Having accurate inventory lists – which include serial numbers, costs and ideally receipts – will speed up the whole process. A simple spreadsheet like the one below should suffice.

How can RiskBox help?

We’ve supported clients through a number of claims processes over the years, and specialise in helping professionals in the film and TV sector.

To find out what a broker that knows your industry can do for you, get in touch on 0161 533 0411 or email info@riskboxuk.com.

Photo by Jakob Owens on Unsplash