film crew on location-breaks vase. steel structure falls-injures 3
TRANSCRIPT
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Film Crew on Location-breaks vase
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Steel Structure Falls-Injures 3
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Client Accused of Copyright Infringement
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INSURANCE• Entertainment Industry has
unique needs that standard insurance companies may not understand or properly insure.
• Use a specialist that represents insurance companies familiar with your needs.
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InsuranceLiability: you’re responsible for what
happensNegligence: failure to do what a
“reasonable” person would do
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InsuranceWho decides when you’re negligent?
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Insurancethe “reasonable person” (judge or jury)
not you
definition of negligence can be very wide and vague
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Liability Insurance
This is essential insurance for all business
covers damage to property or injuries suffered by someone else for which you are held
responsible.
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General LiabilityExamples:
•your dog bites the mailman delivering mail to your home business….
•your clumsy client scorches himself on your complimentary hot coffee…
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Liability Insurance• Crucial for film/TV production, recording
facilities, live shows, etc.
• Cities or venues require a minimum $1,000,000 policy
• Freelancers may be required to have it to work at some places
• Banks may require it to receive a loan
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Property Insurance
• Covers damage to the building where your office is located, as well as furniture and inventory
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Key Types of Insurance
• Equipment Insurance – for the use of your personal equipment, as well as equipment you rent.
• Rental companies usually require proof of insurance (Certificate of Insurance) and some may insist they become “Additional Insured” on your policy.
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Equipment Insurance
• Rate is based on value of equipment – $1 per $100 value of equipment– Does not include equipment taken on
location– Excludes wear and tear, intentional
damage, or an inherent defect– Keep list of serial numbers & receipts
off site
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Key Types of Insurance• Floater Policy – covers equipment or
materials that leave your facility – $1.50 per $100 in USA– $2.00 per $100 worldwide
• Rental House Floater – covers equipment that you rent or loan to someone else who takes it outside your facility
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Key Types of Insurance
• EDP – Electronic Data Policy – covers loss of hardware and/or software
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Key Types of Insurance
• Extra Expense – helps cover additional expenses incurred due to an emergency or hazard.
--cost to reconstruct footage, recordings, and images due to acts of nature
--additional labor costs incurred to recover or reconstruct lost data due to computer virus
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Key Types of Insurance
• Film Negative & Videotape - for re-shooting all footage lost or damaged, including paying for extra time for crew
• Faulty Stock, Camera & Processing - loss due to faulty materials or processing
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Product Liability Insurance
• You need this if you make a product that could conceivably harm someone
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Commercial Auto Insurance
Covers vehicles used for commercial purposes
Non-owned & Hired
Covers rental vehicles and employees using their own cars for business
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Aircraft & Watercraft must be insured separately
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Worker’s Compensationcheck with your state for rules
In Florida, if you have 4 or more employees,you must carry this insurance
It covers 100% of medical for injuries on the job and 60% of salary for life if disabled from injury
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Worker’s Compensation
• Minimum annual policy is $450
• Rate is based on payroll– Film & Recording is $1.19 per $100 of payroll– Theatrical entertainer/musician is $4.30 per
$100 of payroll– Theatrical Lighting/Sound crew is $5 per $100
of payroll
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Umbrella Policy
Provides additional coverage beyond the limits of your existing insurance
must have basic insurance in place to obtain this kind of coverage
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Errors & Omissions Policy
“E & O” covers all court costs regardingintellectual property infringement,defamation or invasion of privacy
Required by film & TV distributors
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Errors & Omissions Insurance• Important for service-based businesses• Protects you if you make a mistake or
neglect to do something that causes a client harm (doctor’s medical malpractice insurance)
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Completion Bond
Most often used in Films and Game Projects:It guarantees the investors that the project will be completed and delivered (even if it goes over budget) or the investors will be repaid
Costs 3-5% of production budget
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Completion Bond• They have experts who analyze all
the production documents (scripts, schedule, budget, contracts, etc)
• Their representative will constantly monitor production
• They typically “suggest” approved
producers, accountants, production managers, etc.
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Completion BondIf the project goes over budget, they may• Loan additional funds to the producer
to finish the project (recouped from revenues)
• Take over the project and finish it themselves
• Stop production and repay the investors
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Insurance
• Cast Insurance – covers expense to complete production due to the death, injury or sickness of performer or director
• Requires physical examination prior to being covered
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Insurance
• Guild/Union Flight Accident – required by union contract for cast and crew members
• Props, Sets and Wardrobe – covers loss or damage during production
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Film Production Insurance
• General Liability
• Worker’s Compensation
• Errors & Omissions “E & O”
• Completion Bond
• Film Production Package
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Film Production Package• Cast Insurance• Negative Film and Videotape• Faulty Stock, Camera & Processing• Props Sets & Wardrobe• Equipment• Third Party Property Damage• Automobile• Extra Expense• Guild/Union Flight Accident
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Game Design
• General Liability
• Worker’s Compensation
• Errors & Omissions
• Equipment, Property, Automobile
• EDP
• Extra Expense
• Product Liability
• Umbrella
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Digital Media• General Liability
• Worker’s Compensation
• Errors & Omissions
• Equipment, Property, Automobile
• EDP
• Extra Expense
• Umbrella
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Computer Animation• General Liability• Worker’s Compensation• Errors & Omissions• Equipment, Property, Automobile• EDP• Extra Expense• Negative Film & Videotape• Faulty Stock, Camera & Processing• Cast Insurance• Guild/Union Accident• Umbrella
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Show Production• General Liability
• Worker’s Compensation
• Third Party Liability
• Equipment, Equip. Floater
• Rental House Floater
• Automobile
• Umbrella
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Recording• General Liability
• Worker’s Compensation
• Equipment
• Equipment Floater
• Rental House Floater
• Property
• Automobile
• Umbrella
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Entertainment Insurance
• Speare & Co.– www.speare.com
• Albert G. Ruben– www.albertgruben.aon.com