The process of creating a feature film is labor-intensive, expensive, and needs much planning. One of the most crucial expenditures you can make as a filmmaker is insurance, which will safeguard both you and your movie. The price of insurance for a feature film varies considerably depending on a number of variables, including the required type of coverage, location, and budget. The price can often range from $5,000 to $50,000 or more.
Depending on the exact risks you want to cover for your feature film, you will need a different kind of insurance. Liability insurance is necessary, for instance, if you are filming on location and want to be covered in case of an accident or property damage. To secure your equipment from theft or damage, you could also need equipment insurance.
It’s possible that you won’t need to buy additional insurance if you rent equipment through a platform like ShareGrid because ShareGrid provides renters with their own insurance coverage. To understand what is and is not covered by the insurance policy, it is crucial to carefully study the terms and conditions.
Another sort of insurance that filmmakers could want is cast insurance, especially if their cast includes a lot of well-known actors. The financial loss that can arise if an actor is unable to perform due to illness, accident, or death is covered by cast insurance. The cost of cast insurance is influenced by the cast members’ age, health, and medical history.
Additionally, actors are individually covered by insurance for their work on a movie under a program known as “cast coverage.” Actors are covered by this insurance in case they become hurt or sick while being filmed. The production company normally covers the expense of cast coverage.
A type of insurance called E&O (Errors and Omissions) insurance shields filmmakers from legal claims relating to the substance of their movies. This insurance offers defense against libel, privacy invasion, copyright infringement, and other potential legal complaints. The budget and project scope have an impact on how much E&O insurance will cost.
In conclusion, insurance for a feature film can cost anywhere between a few thousand dollars to tens of thousands of dollars or more, depending on a number of different factors. It’s crucial to carefully weigh the risks and liabilities connected to your project, and to collaborate with an insurance provider to choose the right kind and level of coverage. By making an insurance purchase, you may safeguard your production from unforeseen circumstances and guarantee that your movie will be finished.
Errors and Omissions insurance, or E & O insurance, is a sort of liability insurance that shields producers and filmmakers from lawsuits arising from their work, including those alleging copyright infringement, defamation, invasion of privacy, and other claims of a like nature. Before they agree to release or fund a movie, lenders and distributors frequently want E & O insurance.