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Production Package A Production Package could provide the following coverage: Cast Insurance Cast Insurance reimburses the production company for necessary expenses to complete principal photography due to death, injury, or illness of insured cast and crew. Getting cast insurance involves determining both the type of cast to insure and the number of cast members to insure. Is the director of photography a famous auteur or someone straight out of film school? Do the special effects people need to be insured and if so, do all of them need insurance or just the key members of the special effects team? Exclusions for cast insurance have to be based on the particular circumstances and people on a given film project. Some common exclusions are: *Negotiable for additional premium and/or higher deductible Insured cast members are only insured for "accident" or "kidnap" until a medical examination is conducted for the insurance company. After an examination, the cast member could qualify for: It may also be possible to negotiate an addition premium or high deductible. Negative Film and Videotape Consider this scenario. A movie crew shoots several days of footage only to have the film destroyed in a mishap on the way to the processing lab. A few of the "negative" consequences of this would be (OK, OK - sorry about the pun): Negative Film and Videotape Coverage protects against "All Risk" of direct physical damage or destruction of raw film or tape stock. Exposed film, recorded tape, and recorded sound tracks are covered up to the amount of the insured production cost. Faulty Stock, Camera and Processing Faulty Stock, Camera and Processing Insurance covers loss, damage or destruction of raw or exposed film / tape caused by: Props, Sets and Wardrobe Props, Sets and Wardrobe Insurance provides coverage on props, sets, scenery, costumes, wardrobe, and other theatrical property. Coverage is against "All Risk" of direct loss, damage, or destruction during production. Valuation is on an actual cash value (ACV) basis; however, it can be endorsed to Replacement Cost. Extra Expense Extra Expense Insurance reimburses the production company for any additional expense necessary to complete principal photography of the insured production. Covered perils include: Miscellaneous Equipment Miscellaneous Equipment Insurance covers against "All Risk" of direct physical loss, damage, or destruction to cameras and equipment (such as sound, grip, or lighting equipment) owned or rented by the production company. Third Party Property Damage Commercial General Liability (CGL) has a care, custody, or control exclusion, so separate insurance is required for coverage. Third Party Property Damage Insurance pays for damage or destruction of property belonging to others while that property is in the care, custody, or control of the production company and is being used in an insured production. Insurers The markets for Production Insurance include these insurers among others: Termination of production Insured may have the right to abandon production when unable to complete principal photography. If so, the insurer may have the right to complete production and earn proceeds as a means of claim repayment. Completion bonds In addition (or as an alternative) to insurance, a completion bond could be required by the financing source. |
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Not only are policy forms, clauses, rules and court decisions constantly changing, but forms vary from company to company and state to state. This material is intended as a general guideline and might not apply to a specific situation. The authors, LunchTimeCE, Inc., CEfreedom, and Insurance Skills Center, and any organization for whom this course is administered will have neither liability nor responsibility to any person or entity with respect to any loss or damage alleged to be caused directly or indirectly as a result of information contained in this course.
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