Film productions are usually an expensive proposition, but some projects are exceptionally high in value. Whether due to the employment of an A-list celebrity, a need for complex shoots at remote locations, or other aspects, high-value film productions can quickly find their budgets ballooning—and with this increase in cost often comes increased risk.
DICE insurance is the most approachable method for mitigating this risk, sparing a production from potentially disastrous financial and even legal consequences when something goes wrong. However, what DICE insurance covers and why productions need it may not be clear.
This guide to DICE insurance can help high-value film productions from wasting money on unsuitable policies for their project.
What Is DICE Insurance?
DICE insurance stands for documentary, industrial, commercial, and educational films—the bulk of what these policies typically cover. DICE insurance is packaged protection for a film with multiple types of built-in coverage.
Insurance reduces the financial risks of big-budget projects, from protecting against lawsuits (through covering liability for things such as car accidents and copyright infringement) to safeguarding expensive film equipment and sets.
Film insurance can also save production money in the long run by preventing costly interruptions or delays, and even talent and crew may be covered if there is an accident or injury.
Why DICE Insurance?
One of the first questions most production studios have about DICE insurance is “why.” Professionals may notice that they can purchase individual policies for each area of their production that needs to be insured. However, doing so usually costs more and might leave unexpected vulnerabilities since the policies were not created to be bundled and synergistic with each other.
DICE insurance, on the other hand, offers multi-pronged protection in a single product. Some of the most common aspects of production covered by DICE insurance include:
- On-set injuries – If someone is harmed during filming or even killed, DICE insurance includes workers’ compensation insurance to pay for their medical treatment, recovery, and time off work.
- Equipment damage and theft – A film cannot continue if the equipment used to create it doesn’t work. DICE insurance comes with equipment coverage so a production can repair or replace necessary items as soon as possible.
- Weather and natural disasters – No one can predict Mother Nature. For films that shoot in the great outdoors, DICE insurance shields them from the financial consequences of weather-related disruptions.
Each DICE policy is different; be sure to closely examine what is included to make sure it aligns with the type of production it is being used for.
Comprehending the Costs of DICE Insurance
DICE insurance is an affordable option for many film productions. However, the exact cost will depend on what is included in the insurance policy and how much coverage the film production requires. In general, the factors that influence the price of a DICE insurance policy include:
Budget size – DICE policies that cover larger film productions typically also require larger budgets due to the maximum coverage that the production will need. In other words, a small documentary that may need to cover only a few thousand dollars in losses can take advantage of an inexpensive policy with low coverage caps. Conversely, a multi-million-dollar film will pay more for insurance because the insurer may need to cover tens or even hundreds of thousands in losses.- Location – Some locations are inherently more challenging to film in, including remote places, underwater, and in the sky. These elements can increase the risk of the project, raising the premium as a result. Additionally, the location of the film studio itself may demand higher premiums based on the generalized risk in that area and its history of claims payouts.
- Type of production – Not all productions are created equal when it comes to risk. Documentaries may face an increased risk of legal issues such as defamation. At the same time, an action film must account for more peril to the crew. The premium will reflect the project’s level of risk.
Protect Your Production With MFE Insurance Brokerage
Any film production can benefit from DICE insurance coverage—high-value films are excellent candidates. However, it is important to understand what is and is not covered under DICE insurance and how those protections will impact the premium the studio must pay.
MFE Insurance has years of experience in the film industry, offering film production insurance to projects of all scopes and sizes. If you need DICE insurance customized for your project and backed by industry-informed guidance to identify the right coverage and limits for your project, contact MFE Insurance today to speak with an insurance professional.