Filmmakers must contend with the complexities of their project’s shots, scripting, and casting, as well as the potential financial risks of the job. Insurance is non-negotiable for film studios. Not only does it allow them to begin filming at all, as many states have mandatory insurance minimums, but it also secures a studio against the significant financial risk of equipment failure, cast issues, injuries, and more. However, few consider DICE insurance as a possibility.
Choosing insurance policies can quickly become too time-consuming for busy teams. At the same time, selecting the bare minimum coverage without careful review can leave a film unexpectedly unprotected when it matters most. DICE insurance is a combination insurance option that blends minimum basic coverages with more customized protection so that your movie is financially secure from multiple angles.
Some Essential Protections DICE Insurance Offers
DICE insurance (which stands for Documentary, Industrial, Commercial, and Educational, the types of films that often benefit from its protection) is a single insurance product that includes multiple coverage variants. While each DICE policy is different and customized to suit a studio’s needs, the baseline coverages usually include:
General Liability
This overarching type of protection can financially secure a studio against accidents that harm other people or their property. For example, suppose a piece of film equipment dents a car parked in a public place or a passerby trips over a cord. In that case, general liability insurance can pay for repair or replacement costs, medical treatment, and other related expenses.
Equipment
Equipment insurance addresses both damage and total loss of film equipment. In many cases, it can also include specific coverage for rentals. If a piece of equipment is damaged, insurance can help cover the repair cost. In the event of a total loss (e.g., significant damage, theft), insurance may calculate the value of an equivalent replacement product and work with the studio to acquire it using the policy to cover the costs.
Cast & Crew
The financial ramifications of sudden changes to casting or crew injuries can be significant. DICE provides financial coverage should an actor need to be replaced or if they are injured and need medical treatment.
Similarly, if crew members fall ill or cannot perform their duties, DICE insurance can help to cover the costs of hiring someone else so the production can continue. However, such coverage does come with some minimum requirements. For example, a crew member who becomes ill can only be covered if they visit a medical professional, not if they simply feel sick.
Workers’ Compensation
Film sets can be dangerous places, and it is unfortunately too common that a crew member will be injured by equipment or possibly even killed. If someone is harmed during the making of the film and requires medical intervention or rehabilitation, workers’ compensation can help to cover those costs. It can also assist with funeral expenses if someone passes away due to the filming work.
Errors & Omissions
Once a film is released, the risk is not over. Errors & Omissions insurance can cover later claims against the film, such as copyright infringement, plagiarism, or improper use of trademarks. The fees from these claims can be substantial, as can any legal costs to defend the studio in court. DICE insurance can help to cover these costs.
Business Interruption
While film studios invest significant time and planning into creating a smooth project plan, Mother Nature and unexpected developments can quickly derail that plan. If a film is on a tight deadline, even a slight delay can become costly, which is why DICE insurance often includes business interruption coverage.
For example, suppose a studio rented a particular venue because it evoked the imagery and tone required for a film. Unfortunately, the venue burned down before filming took place. DICE insurance can help to cover the continued payroll and production costs while the team looks for a new venue or builds their own set in response.
It can also help to limit the financial harm of delays, e.g., if a premiere can no longer happen because filming experienced an unexpected interruption.
Secure Your Film With DICE Insurance
Whether you are creating a short documentary or a large-scale feature film, insuring your production is invaluable. From business interruption and accidental errors to equipment damage and sick crew, insurance coverage can limit the financial burden that may come directly out of the studio’s pocket otherwise.
Contact MFE Insurance to learn more about whether DICE insurance is a good fit for your production and how our team can personalize it to your specific production needs.