A film set has many potential financial risks, from trip hazards that might cause actor injury to heavy props or pyrotechnics for stunts. However, many production teams forget to account for the many dangers posed by equipment.
They may think about how to insure it against damage, but what happens if it is stolen? Basic equipment insurance policies may not protect against theft. This is why DICE insurance can be so valuable.
DICE insurance offers a broad spectrum of protections, including theft. While each policy’s inclusions will differ, stolen film equipment is a common risk that DICE frequently addresses to provide financial assistance for theft incidents.
Learn how DICE insurance can keep your production on track if your film equipment is stolen on set.
What Is DICE Insurance?
DICE is the acronym for Documentary, Industrial, Commercial, and Educational film insurance. Instead of purchasing multiple individual insurance policies, film studios can purchase a DICE policy as a single item containing numerous financial protections.
From equipment insurance to cast & crew coverage and errors & omissions protection, DICE insurance bundles many of the most common coverages into a single insurance product.
What DICE Insurance Does When Theft Happens
One of the typical inclusions in a DICE policy is equipment protection. This usually encapsulates not just breakdown or damage but also theft. A DICE insurance policy can help to cover the financial repercussions of theft when film equipment is stolen from a set, such as replacement costs. To make the most of this benefit, the studio must file a claim to initiate the policy’s support.
The Recovery Process
Whether the film equipment is eventually recovered or not, DICE insurance can help with the financial burden in the interim. To recover compensation for film equipment insured with DICE protection, studios should:
File a Claim
When film equipment is stolen on set, the first step is to alert the proper parties. This usually means the insurance agency responsible for the DICE policy and the local authorities (since theft is a crime).
The insurance team working with a studio’s DICE policy will provide guidance on how to file a claim. Some providers require email or physical paper documentation, while others offer an online portal for filing claims.
Provide Evidence
Once the claim process has begun, the film studio should gather as much evidence as possible and collect it into tangible documentation. If eyewitness reports and testimony are available, document all the details and ask the witnesses to sign them.
Take pictures of any signs of the theft, such as broken door locks or unfamiliar tire tracks. If security cameras are installed in the facility, request the footage before it is deleted and include a copy in the evidence file.
Evidence is valuable not just for the police but also for the insurance provider. If the studio cannot provide a large body of evidence upfront, the insurer will typically ask for additional information.
Ascertain Value
In order for DICE insurance to pay for film equipment replacement costs and other financial repercussions of theft, the insurer will need to know how much the stolen equipment was worth. Obtain original receipts where possible.
If the studio cannot locate proof of the original purchase price, attempt to source pricing online for the same model; be sure to use reputable suppliers and gather multiple quotes to show the item’s fair value.
If that specific product is no longer being produced or a price cannot be found, locate a comparable product based on its specs, size, and other features. List all of the features used in the comparison to clarify why the newly chosen item reflects the price of the original.
Answer Questions
Insurance claims often involve additional questions from the insurer. They may ask for clarification on specific details, request additional or missing information, and more.
Always pay attention to communication from the insurance agency to make sure questions are answered in a timely manner. This helps move the claim along so the studio can receive its financial compensation as soon as possible.
Keep Your Film Equipment Safe With DICE Insurance
Your studio relies on its film equipment to get things done. Protecting it from any hazards that may befall it is essential. Do not stop at just damage; include theft protection by securing a DICE policy.
The professionals at MFE Insurance can provide customized coverage for your studio’s specific needs and goals. Contact MFE Insurance today to get started!