As a production company or filmmaker, the start of each day of shooting likely requires much preparation. The set must have everything in place, including having all staff present and prepared. One important aspect that should never be overlooked is the DICE insurance coverage for the production, set and equipment. This should also include assurances that the coverage amount is right for every set and production.
DICE insurance is one of a variety of options for production projects, and is very popular for a good reason. Here’s what you need to know about DICE insurance for multiple production projects, as well as what to expect, and whether it’s the right choice for you.
What Does “DICE” Insurance Mean?
DICE insurance stands for “Documentaries, Industrial, Commercial, Educational.” These are the types of films that this policy variant most often covers which means that if you are working on a single feature film or even a TV show, DICE coverage might not be the right fit for you.
However, even these niche cases that do not typically qualify may, under the right circumstances, actually fall under a DICE policy. An experienced insurance agent in the film industry will be able to determine whether DICE fits your situation and production.
Does DICE Cover Multiple Projects?
One of the most appealing aspects of DICE coverage is that it is intended for multiple production projects each year. However, for this reason, DICE is not really a perfect fit for feature films, which are often the sole project a studio has been working on over multiple years. DICE is well suited to production teams that create multiple projects annually because it can cover all of them simultaneously.
It is true that there is another type of insurance that can also do this: short-term production insurance. However, the difference often comes down to cost. You will need to pay for short-term production insurance separately for each of your projects.
If you have four productions going on at once, you will need to secure and pay for four individual short-term insurance policies. Naturally, that can become quite costly.
DICE insurance is a single product meant to cover all of the work you do in a year, regardless of how many projects that includes. By purchasing just one insurance policy, film producers often find that they are able to save money on the premium, and it is easier to get assistance when needed if all projects are administered under the same protection umbrella.
What DICE Might Not Cover
DICE insurance can cover many mishaps both on and off set, such as an injury to an actor, damage to important filming equipment or even loss of the recording itself. However, DICE will not necessarily protect you from all potential hazards or consequences that you experience during filming. If you have particular pain points, areas of concern or high risk that you want to insure, speak with a DICE agent to see about adding these elements as additional riders.
Some elements of production that might not be covered under a basic DICE policy include dangerous stunts, often including the use of high-speed vehicles or unusual vehicles (such as tanks). DICE may also not cover certain hazardous filming scenarios, including shooting underwater or on the side of a mountain. If these decisions feature heavily in your projects, you can work with your insurer to create a plan to cover your film(s) with special requirements.
The Cost of DICE
DICE insurance coverage premium amounts and limits will vary because each film studio’s production goals, timelines, sets and equipment are unique; however, at a minimum, expect to pay a few thousand dollars per year.
If you want very robust coverage, work on many projects or include shoots considered to be high risk, your cost could increase to tens of thousands of dollars or more. In general, the amount usually scales with your production costs, so studios that spend less will usually pay less. DICE is considered an affordable insurance product that can shield you from significant financial liability.
Get Your Production Insurance from an Experienced Agency
If you are considering your insurance options for the multiple projects you are working on this year, taking out an individual short-term production policy for each film is not your only option. DICE insurance can cover all of your productions at once, reducing the cost and improving your insurance service.
The experts at MFE Insurance have worked in the film industry for years, providing comprehensive coverage to all of the creatives who need protection for their films. Reach out to MFE Insurance to learn more about DICE or to get started on a policy.