Essential Takeaways:
- DICE insurance is an option for securing your film if you work in Documentary, Industrial, Commercial, or Educational material.
- Many people believe myths, such as that DICE only covers documentaries or is too expensive for smaller productions.
- Other myths include DICE not being specific enough (or replacing the need for any other insurance), too complicated, or not worth it for low-risk productions.
When a studio is in the trenches of film production, overlooking important insurance needs is easy to do. Some teams simply want to skip the hassle of interpreting policies or constantly underwriting new projects. However, doing so can leave your studio exposed to significant financial risk. DICE production insurance is a simple, effective, customizable solution that you should not overlook.
DICE insurance is often misunderstood, leaving many production teams to skip out on the value it can bring. For studios that produce frequent or overlapping projects, DICE can make your work easier while providing strong protection against risks ranging from equipment damage to schedule delays. Here are the most significant film production insurance myths you should keep in mind as you consider your insurance situation.
The Top 7 Misconceptions About DICE Insurance
DICE insurance is a staple of the film industry, and many studios rely heavily on it. But what is DICE insurance?
DICE (Documentary, Industrial, Commercial, Educational) insurance provides flexible, annual coverage designed for companies managing multiple projects throughout the year. This type of production insurance for filmmakers does not always include the same baseline protections. Still, the most common include liability, equipment protection, and workers’ compensation or cast & crew insurance (or both).
However, DICE insurance myths can keep teams from considering this type of policy. Here is the truth about DICE insurance coverage, explained so you do not fall prey to misconceptions.
1. It Only Covers Documentaries
Although DICE stands for Documentary, Industrial, Commercial, Educational, it can cover much more than just documentaries. If you are filming TV commercials, operational material, educational resources, branded content, event coverage, or a variety of other projects, DICE insurance can likely provide protection.
2. It Is Too Expensive for Smaller Productions
DICE insurance can be a more affordable option than standard annual production insurance, depending on your studio’s plans. Because it offers coverage for multiple projects, you save on administrative fees and other policy costs associated with getting a new policy for every project.
3. DICE Is Not Specific Enough for Your Needs
DICE insurance is a blend of coverages that can be customized to suit your specific needs and risk profile. The most common inclusions are general liability, workers’ compensation, cast & crew insurance, errors & omissions, equipment coverage, and sometimes business interruption insurance. However, a professional can work with you to customize the package to your needs.
4. It Replaces All Other Insurance Coverage
While DICE insurance is versatile, it does not automatically cover everything you might need. Stunts, for instance, are not typically covered under baseline DICE; you might need an additional policy or a rider if you would like coverage for this element. The same is true for international filming, using drones, and more.
5. Having Too Many Projects Makes DICE Complicated
DICE makes multi-project schedules simpler in most cases. By insuring a studio for the entire year, including everything you make during that year, you streamline the process of securing and using insurance.
6. Low-Budget Productions Are “Low Risk” Enough That They Do Not Need DICE Insurance
Even low-risk projects can encounter significant financial strain if something goes wrong. Damage to a rented venue, copyright or trademark infringement, and more can lead to a bill that’s out of line with your budget. DICE insurance is an affordable option to provide coverage against these risks.
7. General Liability Insurance Is Basically the Same As DICE
General liability insurance is one type of protection commonly included within DICE. However, if you opt for solely a general liability insurance policy, you will be missing out on invaluable coverage of other types, and without additional workers’ compensation insurance (or other protections according to your contractual agreements), you might not be permitted to film at all.
Secure Your DICE Insurance Policy to Protect Your Finances During Production
As you consider how to protect your financial wellness as a production studio, do not forget to review your insurance coverage carefully. DICE coverage can offer an affordable option that does not require multiple underwriting processes, unlike annual production insurance. Contact MFE Insurance to discuss the possibility of DICE coverage for your projects and learn how it can simplify coverage, reduce costs, and effectively protect production operations. We can create a policy customized to your needs.