For any film or television production, production insurance is a crucial form of protection. It acts as a safety net for unanticipated occurrences including mishaps, equipment damage, and liability claims. The price of production insurance, however, might differ based on the type of coverage and the size of the production. This article will cover various issues pertaining to production insurance as well as the required minimum for a general liability coverage.
Depending on the production’s budget and the extent of the filming, different general liability policies have different minimum requirements. Production firms can often anticipate paying between $1,000 and $2,000 for a general liability policy with a $1 million per occurrence limit. But larger productions might need higher coverage limits, which could push up the price of the insurance. It’s crucial to keep in mind that the price of production insurance can change based on the insurer and the state where the project is being filmed.
Production companies may think about acquiring annual production insurance in addition to general liability insurance. The production business is protected by this coverage from potential losses or damages during filming. Depending on the history of the production company, the size of the production, and the kind of coverage required, the annual cost of production insurance may change. But it’s crucial to have this kind of coverage, especially for production firms who shoot a lot of projects all year round.
The price of production insurance may be less expensive for a short documentary than for a feature film. However, the price can still differ based on the project’s size, the tools employed, and the locations. A short documentary’s production insurance expenses typically run between $500 and $1,000.
Production organizations may also need to think about marine insurance in addition to general liability and annual production insurance. This kind of coverage is intended to safeguard productions that will be shooting on or close to waterways. Any production that uses boats, watercraft, or other marine machinery should be covered by marine insurance. This kind of insurance can defend against losses or damages to the filming vessel, its equipment, or responsibility claims.
Hull insurance and protection and indemnity insurance are the two types of maritime insurance. Damages or losses to the ship, its machinery, or its equipment are covered by hull insurance. On the other hand, liability claims that can result from the usage of the equipment or vessel are covered by protection and indemnity insurance. Production businesses should take into account both maritime insurance policies to make sure they have complete protection.
As a result, the minimum sum required for a general liability policy may differ based on the budget for the production and the extent of the filming. Working with a reputable insurance provider is crucial because they can assist in determining the right coverage and limitations required for your output. Additionally, to assure complete coverage for any unforeseen circumstances that may arise during filming, production firms should think about investing in annual production insurance as well as marine insurance.