Media production companies contribute to the film industry in various ways, from creating commercials and TV shows to blockbuster movies and more. While the needs of each production type will vary, some things usually stay the same: the risk of equipment damage, casting problems, delays, and so on. Annual DICE insurance is an accessible way for studios to prevent these unexpected events from causing catastrophic damage to the company’s bank account.
DICE insurance is a combination insurance product bundling multiple common, valuable coverage types into a single package. This makes management easier, as studios only have one policy addressing their needs. DICE is customizable with the help of skilled insurance professionals, so you can create the blend that best addresses your production’s most salient needs.
Some of the main ways in which annual DICE insurance saves media production companies thousands each year are:
Helps to Repair or Replace Equipment
Equipment is one of the foundational elements of a successful production, and when it fails, the entire job could grind to a halt. Broken camera equipment or microphones mean an instant stop to a shoot, and the studio must find the financial allocation to repair or replace these invaluable items before the production can proceed.
However, DICE insurance can help cover the repair or replacement cost. The insurance may pay for an equal replacement if the same model is available. Otherwise, the studio may be eligible to purchase an equivalent product through the insurance policy.
Minimizes the Cost of Actor or Crew Replacement
As with equipment, the actors and crew are invaluable assets; without them, production cannot proceed. If an actor becomes ill or injured, DICE insurance can help to pay for their medical bills until they recover.
Suppose they need to be replaced entirely (as was the case, for example, with Heath Ledger’s unexpected death during the filming of The Imaginarium of Doctor Parnassus). In that case, DICE coverage can help address costs associated with hiring new talent and reshooting.
Supports Legal Liability Bills
A film studio is typically required to carry at least general liability and workers’ compensation coverage to secure the permits needed to begin filming. These protections secure the public and employees’ safety should harm come to people or their property.
DICE’s general liability coverage can pay for legal fees or medical care if a third party or their possessions are harmed (e.g., the studio damages a rental venue).
Should an employee suffer an injury due to their work with the studio, DICE insurance can assist with their medical bills or compensate their family if the individual passes away.
Creates Budgetary Room for Unpredictable Events
Even the best-laid plans can go awry, and for media production companies, such unexpected events can have significant financial consequences. DICE insurance often includes business interruption coverage, which can shield the business from bills tied to delays in filming: continuing to pay for workers who are not currently working due to the delay, maintaining rental contracts, or renting replacement locations to continue the production.
Some types of business interruption are not covered, such as acts of God, including earthquakes or floods. Checking the policy details to understand what may be excluded is essential. In many cases, studios can purchase additional riders or coverage types to address potentially problematic gaps in protection based on the particular risks the production might experience.
Mitigates the Fees From Mistakes
Productions should exercise due diligence to avoid errors in the process, such as copyright infringement, trademark violations, or violations of distribution agreements. The consequences of these actions may continue to financially impact the studio long after the production has been published.
Should an error arise, the studio may be financially harmed due to legal fees, fines, and other consequences of the mistake. DICE insurance typically incorporates errors & omissions insurance (sometimes called professional liability insurance) to assist the policyholder with legal defense costs in such situations.
Protect Your Media Production Company With Annual DICE Insurance
Whether you work on multiple small projects each year or a substantial endeavor, DICE insurance can keep your studio secure from unexpected financial pitfalls. Contact MFE Insurance for assistance in creating a customized insurance package that addresses the exclusive needs of your production.
Our team has been partnering with professionals in the film industry for years, and we understand the niche risks that many insurance agencies overlook. Reach out today to get started on your personalized DICE policy.