Not all video productions take months or even years to make. Some, such as commercials, music videos, documentaries, and similar projects can often be completed in just a few weeks or less. For these situations, short term production insurance may be the perfect solution for you, as it is designed to cover film projects that last only a brief period of time. In this post, learn more about short term production insurance and what it covers.
Who Is Short Term Production Insurance For?
Short term production insurance is best suited for quick productions of 60 minutes or less, or with a total budget of less than $1 million. That being said, there are many different types of productions that are eligible for a short-term film production policy, such as webisodes, feature films, short films, commercials, music videos, documentaries and more. Regardless of the production type or value, short term production insurance is the ideal choice for producers of all types of short productions, regardless if they are individuals or involved in joint venues, partnerships, LLCs, or corporations.
What Does Short Term Production Insurance Cover?
Short term production insurance is widely available and provides film producers and directors with comprehensive coverage. Here is a look at just a few things that short-term production insurance may cover:
Rented Equipment
A short-term production insurance policy will typically cover theft, loss, or damage to rented equipment. If you are renting any type of film equipment from a third party, ensuring that the items are protected is critical. If a piece of rented equipment is lost, stolen, or damaged, your production company will be held liable.
Owned Equipment
Just like rented equipment, you want to protect the film equipment that you own outright. Production lights, video cameras, and similar equipment can be very costly to replace. By having a short-term production insurance policy in place, you can rest easy knowing that the cost of repairs or replacement will not be coming out of your production budget.
Props, Sets & Wardrobes
The cost of props, sets, wardrobes, and similar property can add up. To keep your production within budget, you want to ensure that you are not responsible for replacing these types of items if they are lost, stolen, or broken. With short term production insurance, you can protect against these types of risks.
Third Party Property Damage
Third party property damage refers to coverage for damage that you cause to someone else’s vehicle or other property. While you never expect to cause damage to another person’s belongings, these situations can happen unintentionally and when they do, you may be found liable for any damages. Fortunately, the right insurance policy can keep you protected.
Commercial General Liability
With a commercial general liability policy, your production company can stay protected against claims of personal injury, bodily injury, or property damage caused by your business’ operations or from an injury that occurs on the premises. Your policy may also cover non-professional negligent acts.
Automobile Liability/Physical Damage
Whether you are filming a high-speed car chase or simply need a work van to transport props and equipment, having a comprehensive auto liability insurance policy is essential. An auto policy provides financial protection to drivers who may unintentionally harm someone or someone’s else’s property.
Extra Cast Expenses
Cast and crew are not typically covered under a general liability policy. That is why many film producers and directors depend on extra cast expenses coverage to cover the expenses associated with cast members.
Stunts/Precision Driving
From explosion scenes to wild vehicle stunts, there is a decent chance that your production may include stunts or forms of precision driving. Your short-term production insurance policy can cover these types of scenes and provide security in the event that someone becomes injured or property is damaged.
Animal Injury, Sickness & Death
Protection for all animals during film production is highly important. Unfortunately, accidents can happen and animals that are on-set or being transported can become injured, ill, or even suffer death. Short term production insurance typically provides coverage for all types of animals used in productions.
Drones
While drones are more commonly being used in film production, they are frequently damaged during use or can be stolen while on set. Without the right insurance, you could be responsible for paying for a replacement drone out of your own pocket. Short term production insurance can cover your losses, ensure that you won’t have to.
Pyrotechnics
Whether you are destroying a car for a stunt or sending flames into the air, there is no denying the risks that pyrotechnics can bring to a production. Short term production insurance covers most types of pyrotechnics to ensure that you are fully covered in the event that something goes wrong.
Learn More About Short Term Production Insurance
Want to learn more about short term production insurance or get a quote on a policy for your production company? Contact the specialty insurance brokers at MFE Insurance for more information about short term production insurance.