Feature films must adhere to a strict schedule to meet funding demands, cast availability, and release. However, even with careful planning, studios can only sometimes predict what may happen during filming.
From actor injury to unexpected natural disasters, production delays happen—which is what insurance for feature film production is for.
Production managers and producers seeking to minimize financial setbacks due to delays should invest in carefully thought-out insurance policies targeting the film industry.
Discover how effective insurance planning can be your best ally against production delays in feature film projects.
Understanding the Role of Insurance in Feature Film Production
Due to the often significant investment that producing a feature film takes, the potential ramifications of issues throughout the process can be more substantial than in other industries working on smaller individual projects.
Insurance is non-negotiable for feature films; many locations will only grant filming permits once the studio proves they are sufficiently protected.
However, insurance is more than just a baseline requirement—it is an essential safety net, offering financial protection and peace of mind during unforeseen delays.
From paying an actor’s fees while they wait on standby to doing reshoots due to venue cancellation and consistency issues, the cost of a delay can quickly add up to hundreds of thousands or even millions of dollars in losses without insurance.
Strategies for Managing Production Delays Through Insurance
Numerous types of insurance coverage can help secure production against a delay’s financial impacts. Some options include:
Business Interruption Insurance
Perhaps the most common type of delay-related coverage, business interruption insurance can pay for expenses related to damage directly impacting the business (in this case, a studio).
If the studio is damaged in a tornado, for instance, business interruption insurance can continue to pay staff while repairs are being completed and the film is on hold.
Event Cancellation Insurance
Studios rely on other venues and providers besides themselves to get a film done. Event cancellation insurance can pay for the lost investment and related expenses if the venue cancels a shoot reservation, a vendor does not provide the goods or services promised, and filming cannot proceed.
Equipment Insurance
One of the quickest ways to shut down filming is to be unable to film due to equipment issues. Whether the cameras have been stolen or the lighting rig is too damaged to use, equipment insurance can pay for the cost of repair or replacement so the shoot can continue as soon as possible.
When selecting insurance to handle production delays, be sure to plan ahead for the risks most salient to your film.
Some productions rely significantly on a single actor or venue, which can increase the chances of a delay if these elements are not ready every day. Work with a film-centric insurance agency to customize your policies to address the risks that your production is most likely to face.
Case Studies: Insurance in Action Against Production Delays
Production delays are not just a hypothetical—many real-world scenarios demonstrate how insurance for feature film production provided the necessary support to navigate and overcome delays.
For instance, in 2015, Accidental Love was slated to release following seven years in limbo. Issues ranging from actor walkouts to transitioning to a new production company hampered the timely release of this film, costing additional money that could only be mitigated with insurance coverage.
More recently, even highly anticipated movies such as Spider-Man: Beyond the Spider-Verse faced delays due to the strike that saw Hollywood writers, actors, and other talent abandon their former roles.
Comprehensive production insurance can insulate the studio from the financial costs of delaying the release and potentially filling talent gaps as necessary; each insurance policy should be tailored to address what types of delay assistance may be required for a film. Animated films, for instance, may require less focus on specific actors.
Ensure Your Production is Covered: Contact MFE Insurance Today
Film production is always a complex process, regardless of whether the film is a big-budget blockbuster or a small labor of love. Studios already have enough to worry about—the financial risks posed by potential delays should not be part of that equation.
MFE Insurance offers robust insurance planning for film production, providing tailored insurance solutions that safeguard against delays. Partnering with an insurance agency that has worked closely with the film industry for years offers increased experience and more informed recommendations for the right mix of insurance coverage.
Contact MFE Insurance to explore your options for production delay protection and more.