Guest post by Cameron Woodward
If you're ever having trouble getting to sleep, just string the words film and insurance together into a sentence and you be snoozing before you know it.
Yeah, Film Insurance — not something you'd probably like to spend a bunch of time reading up on, especially when you've got to deal with casting, locations, fund-raising, art direction, and the thousands of other steps that goes into getting a successful production up and shooting. That said, it is such a fundamentally important tool to use — as important as a handy Assistant Director or Leatherman knife — to protect against the unimaginable number of disasters that can happen on and off the set.
Insurance, generally speaking, has lots of components. For the sake of brevity, I'm going to let you know that when you're shopping for a policy, you should be on the lookout for one of two types of policies for your business: a BOP (Business Owners Policy) or DICE (Documentaries, Industrial, Commercial, Educational Films). Both of these are insurance packages that compose a bunch of different coverages all bundled together. Things like Commercial General Liability, Hired and Non-Owned Auto & Property Damage are the big ones that all filmmakers should carry if they're working on sets.
I can tell you're about to fall asleep but don't.
There are some more subtle coverages that you should consider in addition to standard insurance as mentioned above. This is what you, the Follow Magazine audience, need to consider when planning for your work to be consumed, marketed and distributed.
The coverage is E&O Insurance, also known as Errors and Omissions. Specifically, it covers and protects creatives from lawsuits pertaining to theft of idea, copyright infringement, libel, slander, invasion of privacy, defamation, product disparagement, trade libel, infliction of emotional distress, the right of publicity, outrage and outrageous conduct, false light, wrongful entry, false arrest or malicious prosecution.
If you're following along, you'll recognize that this means if you are sued for using music that you did not license properly, sued for not collecting a release from the subject, or perhaps sued for not having the proper clearance of a brand that appeared in your film that you'd have the protection of E&O coverage.
When you consider the types of financial downside that can occur from these types of claims, the cost of the premium of E&O starts to make a lot of sense and cents (see what I did there?).
This guest post is from Film Casualty Insurance Agency. Their mission is to support and to contribute to the art of film-craft by keeping film businesses, crew, gear, and projects protected. They help filmmakers make sense of their companies and productions so that when something nasty happens, they can help make it right. For answers to all your film insurance questions, take a look at the Film Casualty blog.