Film insurance in India refers to ensuring the film is against any unforeseen circumstances resulting in a loss to the film's producer. The unforeseen circumstances include accident, illness, or disease to the actors in the film leading to the cancellation of schedules and resulting in direct loss to the producer; the other circumstances include damage to the set properties due to natural calamities or man-made disasters. Natural calamities or any other unforeseen circumstance can delay the film's production, resulting in losses for the producers, which can be compensated under film insurance. The liability of the film production house is also covered in the film insurance policy; in case of loss or damage to the lives or third-party property damage, the film insurance policy pays compensation to the production house. Readmore..
In this clause, the insurer agrees to pay an amount to the insured instead of the payment of a fee or remuneration to the actors, directors, and the other persons named in the policy, in the event in the event of disability or death of the members who made them incapable of completing or performing their duties including acting or shooting that resulted in the need to re-shoot in the time of insurance. Suppose the movie's cast could not attend the shooting due to accident or death or disability or kidnapping, or any other reason mentioned in the policy copy. In that case, the insurance company will indemnify the insured for the remuneration or the charges incurred for re-shooting the film. This section also includes the compensation payable to the insured if the cast cannot perform their duties due to the death, illness, or injury of their immediate family member. The amount payable in compensation under this subsection must not exceed the amounts stated by the insurance policy.
In this clause, the insurer agrees to compensate or reimburse the insured for immediate physical damage, loss, or destruction of equipment belonging to the insured, including, however not restricted to camera equipment, cameras as well as lighting and sound equipment, portable electrical equipment as well as mechanical effects equipment, etc. while.
This article covers damage or damage to the equipment caused by Fire, Lightning, Explosion or Implosion, Subsidence, Landslides such as rockslides, riots, strikes, malicious damage storms, cyclones the, tempest storm, tornado flooding, and floods, earthquakes, damage from impacts as well as theft and burglary, home breaking. The basis of the sum insured under this section would be the property valued at the full cost of replacement with new equipment.
Film equipment rental insurance is also covered under this section by a few insurance companies depending on the company's underwriting guidelines.
The insurer agrees to compensate the insured for physical injury or loss or destruction to props, sets, and wardrobes belonging to the insured while in transit in operation or storage for the insurance period. The sets and other property erected for shooting purposes would be covered under the film insurance if damaged due to any of the below perils.
This article covers damage or damage to the equipment caused by Fire, Lightning, Explosion, or Implosion. Subsidence and Landslide include rockslides, riots striking and malicious damages Storm, Cyclon, tempests, typhoons, storms, tornados, floods, flooding, earthquakes, Burglary, Theft, and home breaking. The basis of the sum insured under this section would be the property valued at the full cost of replacement with new equipment.
This article focuses on the destruction or loss of original film stock captured or exposed negatives (developed or undeveloped) videos, beta tapes and matrices positive and interpositive cut copies, work prints and fine grain prints color (transparencies) reels, outwork, drawings, the software and other materials which are used to create computer images as well as soundtracks and tapes associated with them while these items are lying or at a storage facility, or in operation or transport, and also as bags for connection or be utilized for the production that is insured over the time of insurance.
This section covers loss or damage to the equipment caused by Fire, Lightning, Explosion or Implosion, Subsidence, landslides such as rockslides, riot strikes, malicious damage, Storms, cyclone storms, typhoons, and tornadoes. Hurricanes, as well as flooding and inundation. Impact damage from earthquakes as well as theft and burglary. Breaking into houses. The basis of the sum insured under this section would be the property valued at the full cost of replacement with new equipment.
The insurance company is liable to the insured against damages or loss to camera equipment, cameras such as sound and lighting equipment, mobile electrical equipment, generators, mechanical effects equipment, accessories for grips such as mobile dressing rooms and honey wagon trailer units, and other similar equipment that is owned by the insured or that is owned by others, to whom the insured is responsible, and that may be damaged, lost or destroyed in the course of the coverage due to the risks listed below within the period of coverage.
This chapter covers loss or damage to the equipment caused by Fire, Lightning, Explosion, or Implosion. Subsidence, Landslides such as rockslides, Riots striking and malicious damages Storm, Cyclon, the tempest storm, tornado flooding and floods, earthquakes, damage from impacts as well as theft and burglaries. Home breaking. The basis of the sum insured under this section would be the property valued at the full cost of replacement with new equipment.
The business will reimburse the insured against the legal responsibility, including defense costs resulting from damage or damage to third parties property or their lives resulting from bodily injuries or property damage resulting from accidents. Any damage done to third parties by the insured customer due to an accident would be covered under this section. The insurer will pay the cost of defense, costs as well as other costs that are incurred without the prior approval of the investigators, and settlement or defense of any claim made against the insurance company.
Under this section, the insurance company agrees to compensate the insured for any such loss sustained as a result of extra expenses incurred due to certain unforeseen events such as interruption, postponement, or cancellation of the declared production as a direct and sole result of the loss or damage or destruction to the production property resulting in loss to the insured. In short, any loss suffered by the insured due to the cancellation or interruption of the shooting would be paid by the insurance company subject to the loss arising out of the insured peril as specified in the policy.
The insurance company will indemnify the insured from loss of money due to any cause stated in the policy. This includes any damage or loss due to theft or attempts to breach safes or secure rooms holding the cash. The limit of money in the safe should be mentioned in the policy copy when taking the policy, as this limit would be the basis of liability for the insurance company under this section.
Under this section, the insurance company agrees to pay the insured the cost of recopying or reproducing the videotapes caused by loss or damage due to an insured peril acting at the time of the accident. The coverage is only for the tapes which have copies available. The limit of liability would be based on per occurrence as specified in the policy copy.
The insurance company would be liable to compensate the cast insured under the policy in case of death or disability due to the accident. Under this section, permanent total disability, permanent partial disability, temporary total disability, and accidental death would be covered up to the sum insured mentioned under the policy.
Certain exclusions are included from the policy on film insurance as follows These are:
This is to indemnify the insured towards the named artists/technicians' death due to an accident/Critical Illness occurring during the period of insurance.
The coverage is limited to the compensation paid to the designated cast or technical staff. It is further limited to expire upon the loss of the technician or cast, the production program's end, or the completion of their respective tasks or performance.
Sets/Props/Wardrobe & Equipments Insurance
The aim is to reimburse the insured against the loss, damage or destruction to the property, wardrobes, sets and other equipment belonging to the insured or hired by them as a result of fire and related perils as well as burglary Act of God Peril, or any accidental damage to the external environment while being stored or lying on the property or being placed in storage and lying or being erected on the location of shooting.
Shooting/Event Cancellation Insurance
This section indemnifies the extra expenses for cancellation due to the following;
Film Negative Insurance
This will indemnify the Insured against any damage or loss suffered by them due to damage caused to film stock by whatever external reason that results from fire or related perils, such as theft, Act of God peril, natural calamities, or transit damages.
Negative Film Insurance - POST Production
This will indemnify the Insured against any damage or loss they suffer because of damages caused to film stock by whatever external reason resulting from fire and other perils like theft, Act of God peril, natural calamities, or transit damages. The coverage will end when the production print and duplicate tape are completed at the end of 3-7 days or more from the completion of local or outstation shoots. This insurance does not cover cuts, backup tapes, inaccessible footage, or library inventory.
Public Liability Insurance
The insurance company will indemnify the insurer against any legal obligation as well as defense expenses to pay compensation for civil lawsuits arising from property damage or bodily injury resulting from the accident at the place where the policy is situated and throughout the policy.
Personal Accident Insurance
This section indemnifies the Insured, for the death/disablement of insured persons' due to accidental nature only up to the specified sum as per the schedule.
This section indemnifies the insured person towards the medical treatment/hospitalization expenses due to accidental nature only.
Cash in Transit
It covers money in transit during the below circumstance.
The film insurance works similarly to any other insurance policy in which the insurance company would cover the loss or damage to the property and cast off the insured in return for an amount known as a premium. The insurance would be valid for the period of insurance as mentioned in the policy document, and any loss or damage would be covered only during this period. In case of any loss or damage caused by an insured peril, the insured can approach the insurance company for compensation by submitting all the relevant documents and following the procedures.
This film insurance covers the production risks based on the project's duration. The project could be for months or years, and the premium would be charged accordingly.
Long term insurance: This type of insurance covers the production risks based on the policy period where multiple projects would be covered. There can be multiple projects which are covered under a single long-term insurance.
Film Insurance Broker: The best film insurance broker in Hyderabad is Ethika insurance broking which has good experience in insuring films. For more details regarding film insurance, please visit the branch or contact us online here. The insurance broker would explain the film insurance requirements in detail upon contact.
Film Insurance Quote & Proposal Form: Film Production Insurance Proposal Form and quote can be availed here. For more details on HDFC Ergo Film insurance package policy please click here. For more details and terms and conditions of Bajaj Allianz film insurance policy please click here.