Any film production should carefully consider its schedule when making commitments such as vendor agreements, rentals, and more. However, even the best-laid plans can go awry, and productions may be delayed or halted without warning for a variety of reasons: natural disasters, vendor funding issues, cast or crew injuries, legal hurdles, and so on. DICE insurance is a common solution to address delays. Its blend of simplicity and broad coverage makes it a good fit for many studios.
However, simply choosing the first DICE policy you find could be a recipe for disaster. Knowing what is included in your policy and how to use it correctly during a delay can be the difference between enjoying uninterrupted protection and footing a bill you did not expect. Here are some tips to get you started.
Essential Takeaways
- DICE insurance may cover certain delays and cancellations, but always check whether it covers natural disasters, weather damage, and other risks particular to your production.
- To use DICE protection effectively, begin documenting the delay (e.g., payroll for employees) as soon as the interruption begins.
- Some policies have a timely notification clause that requires early communication about delays; do not wait until the interruption is over.
- Training your team on safety can help to reduce premiums and decrease the risk of delays.
- DICE insurance is not always provided by film-savvy insurance agencies; choose a team that knows the industry to receive personalized, relevant guidance.
Tips for Choosing (and Using) DICE Insurance for Delays
DICE insurance is a multifaceted product consisting of coverages such as general liability and equipment protection. It also commonly includes business interruption insurance, but the scope of this protection and how it must be used can vary by policy.
Check Your Coverage
Before you even commit to a DICE insurance product, be sure you understand what is included. Four primary types of interruptions may (or may not) be covered: delay, cancellation, force majeure, and weather.
Weather and force majeure protections are among the least common types, covering losses due to weather during outdoor shoots and products that must pause due to natural disasters beyond the team’s control (e.g., wildfires, pandemics). Delays are more common, often arising from venue issues such as double-booking or damage to the venue that renders it unusable. Cancellation may happen for similar reasons. DICE insurance should contain protections within this category that are relevant to your specific project; do not assume that any policy you look at does automatically.
Document Your Delay
Most insurance policies covering business interruption require you to submit documentation proving the delay and its cost impact. When selecting DICE insurance, review these requirements and make sure you can comply with them. Otherwise, your policy will not do you much good.
It is helpful to keep copies of communications (e.g., working out the delay with the venue), invoices for travel expenses incurred due to the delay, proof of extended equipment rentals, and so on.
Submit a Claim Early
One of the most common mistakes that studios make when utilizing DICE insurance to cover delays is submitting a claim too late. Do not wait for the delay to end; you should reach out to your insurance provider as soon as you suspect an interruption may occur. In many cases, doing so allows the claims process to go more smoothly, but some providers may also have timely notification clauses (again, always read and understand your policy).
Invest in Consistent Training
Productions risk delays or even cancellations if staff and talent are not properly trained in safety protocols. Insurance providers want to see evidence, too, of your studio’s commitment to avoiding delays in this manner. Do not compromise on safety on your set, and your DICE provider may even be able to reduce your premiums as a reflection of the decreased risk of your production. Speak with your prospective insurance agency about how this might work before committing to your policy.
Work with Industry-Specific Professionals
The provider you choose for your DICE insurance is just as important as the policy itself. Many insurance agencies offer DICE protection alongside dozens of other policy types that have nothing to do with the film industry; this leaves their team unable to make customized, specific recommendations grounded in years of experience. Choose DICE insurance from a provider that has been working with productions for many years.
Do Not Let Delayed Productions Devastate Your Finances
Film studios can quickly lose money to unexpected delays, but DICE insurance can help to mitigate the damage. Choosing the right policy and using it correctly are essential for the best results. Contact MFE Insurance today to review potential DICE policies from a professional team that customizes your protections to your specific risks.