Different types of insurance for production and myself

T

txdp

Well-known member
I'd like to start a thread about insurance. Here's what I'm looking into as a busy freelance DP who also sometimes puts productions together acting like a mini production company. I'd love input on what people have, how stuff works etc. I've seen threads, but they are always talking about one particular kind. Below are what I feel may be needed to get legit, protect my assets, and not worry about things. I see about 6 different kinds. What do YOU think?


Insurance covering my owned equipment i use in the field

Insurance covering any equipment i rent from rental houses

Insurance covering any of my equipment i rent out to to other shoots I'm not on

Liability insurance for myself in case i burn down a location or drop a light on someone's head (extreme i know, but certainly possible), the consensus seems to be 1,000,000 coverage is the amount needed

Some sort of insurance that will pay me if I'm hurt and cant work

Errors and Omissions insurance (I'm not too interested in this at this point, but it should be on the list)


I recently tried asking Allstate since i have my homeowners insurance through them, but it is definitely NOT in their realm of expertise. I'm looking for any opinions on the matter, rates, personal experiences, references, etc. Thanks!!!!
 
FracturedAtlas.com has a section on insurance. They say about $450 for liability. Equipment coverage starts at $500. Workman's comp is a fixed rate. They also have volunteer insurance that covers unpaid people on set during a production. I think that starts at $125.

A production I worked on used Truman VanDyke.
 
onedelorean, what's their police? does it cover the gear stolen from the set/your house only or does it cover your gear in transit too?
 
txdp,

You will need several different policies to do what you want and you are about to become a slave to the insurance companies.

A general liability policy (G/L) will cover you for mishaps such as the public tripping on your extension cord, or a burn. This policy can add riders for your equipment in the field (inland-marine) and for rented equipment. Contents coverage will cover stuff that stays in your office or studio, and is much less expensive that inland maine, so it is well worth it to audit your gear and have both types of coverages. Not so sure about renting your gear out, that will be more difficult and expensive, it is really a different business activity. Note that a G/L policy does NOT cover your employees and probably not your subs. Often subs, in the eyes of a court room, become your employees, so be very careful on this. There is a lot of case law on this, and the contractor (you) usually loses. There are other things you can tack on to your G/L such as car insurance. The more stuff you can include in this umbrella policy the better since it will reduce your admin fees. More often than not, this type of policy will be an earned premium. At the end of each policy year, you may be audited, and if your gross revenue goes beyond the minimum, you will be billed a % of your gross.

Coverage that will pay you if you can't work comes in two forms: short term and long term disability policies. Most will be tied to your income, say 60%. If like most self employed people, your tax returns show red or very low income, disability coverage will become a challenge. Even though you are a business owner, you should be able to cover yourself via workers comp. This is pretty cheap, and better than nothing, but not much.

Edit: Key man coverage is another option, but is very expensive indeed.

E/O coverage will be a separate coverage yet. E/O is usually written by specialty companies within a given industry. There will be a minimum premium, there will be lots of questions, and you will likely need to demonstrate that you have been in your line of work for some time. More often than not, this type of policy will be an earned premium. At the end of each policy year, you may be audited, and if your gross revenue goes beyond the minimum, you will be billed a % of your gross. Usually the deductibles are high on this coverage, so if there is a claim, it is going to hurt regardless. The ugly part on this is that the insurance company decides how any claim is settled. So if they decide to settle a claim, even if it has no merit, you still get to pay the deductable....ouch.

The other really ugly part of any business coverage, is that if you turn in more than one claim in a year, there is a pretty good chance you'll be canceled. AND, your rates will usually go up after even one claim. So don't imagine that you will be well taken care of for a bunch of small claims, they just don't want you if that's how you do business.

And a last bit of advice, you want a good business agent for these policies. A homeowner outfit like Allstate or Farmers just won't cut ice on this. A business broker can shop your policy needs out to different underwriters and offer you a choice of coverages. Find someone you trust, since a bad agent looking out for themselves can really hurt your wallet. You will be swimming with sharks. A good agent (or agency) will also help you expedite any claims.

Grant
 
I'm brining this old thread back to life...

I'm working with a group of indie filmmakers on no-budget short films. Many are concerned about getting insurance coverage for each short film when shot at a third-party location such as a bar or coffee shop. The only shorts I've made where shot and friends's homes/apartments so I've never even considered insurance.

So, if I want to shoot a no-budget short in a bar or coffee shop and the owner gives permission, do I need insurance? We all know that *need* is relative and that insurance is just that---insurance in case something happens. Is their a waiver or rider that I can get everyone to sign that waves their right to sue me?

I just don't see how no-budget shorts can afford $450 per shoot for general liability coverage. I guess that's why so many no-budgets are shot in the woods or in an apartment....
 
You must log in or register to reply here.
Back
Top