Production Insurance 101: Why Is It Needed?
You might be wondering why you need production insurance in the first place. It’s not just another cost to add to the list – errors and omissions for production insurance is essential to ensuring that your project is covered if anything unexpected should happen during the making of your next project. As a producer looking for film insurance companies with which you plan to compile a plan designed to protect your latest project, you will want to work with someone who knows your individual requirements and the specific risks that you face. Marquee Insurance is the production insurance provider of choice for all your film production insurance, film liability insurance and entertainment insurance needs.
You need production insurance for legal, property and contractual reasons. Many financiers and location hosts will require that you and your team carry a certain minimum amount of production insurance in order to go about making your film. This includes adequate errors and omissions insurance to protect against claims of alleged libel, slander, defamation, and more. For example, if you were renting a building for a shoot the owner of that building will want to ensure that they are protected if anything should damage the location or if someone were to be injured on set. As a producer, you are responsible for any rental equipment you are utilizing and as such will need coverage for damage or loss to certain valuable assets. Lastly, if you work under a distributor or a broadcaster, your contract will more than likely require you to carry production insurance with the necessary errors and omissions coverage.
Like with any insurance policy, it’s better to be safe than sorry. You will want to ensure you have a certain amount of coverage in place if anything goes awry during the making of your film. You certainly would not want to have to cancel a project due to unforeseen circumstances. Marquee Insurance looks after your project like it is its own and makes sure that everything about your project flows as smoothly as possible – so you only need to worry about making the magic happen.