Commercial Property Insurance protects your filmmaking facilities along with any properties that you lease or temporarily rent for the purpose production.
It's a critical linchpin in your film insurance policy. It's also a broad category for coverage that you can customize for your needs.
Your commercial Property policy provides coverage for assets such as accounts receivable, computers and lost income for when your business operations get suspended because of a covered loss. Film production businesses can tailor their coverage to include additional protection like valuable papers and records coverage that can help pay to reproduce important documents, provide temporary storage and move records to avoid a loss. Here's a perfect example: The entire project for Mad Max: Fury Road began as a single storyboard and evolved into thousands of individual pieces of storyboard art that mapped out the entire movie, shot by shot, before a single camera was turned on. Imagine using this process yourself and having someone throw a cigarette into the wastebasket before they leave for the night!
If a fire, theft or other covered disaster strikes your production, Film Casualty's Commercial property insurance provides the broad protection you need to help you get back up and running. Our flexible coverage options also mean you can tailor a property insurance policy to help address the unique risks facing your production, and adjust coverage as your needs change.
For a Property policy, filmmakers will have to consider and share with us the following:
- The value of the things you own.
- The value of the things you rent.
- Where you intend to have coverage apply, where it is going to be and what you intend to do with it.
- Cover only what you need, when you need to cover it.
Knowing all of these things will help you save money on your policy and avoid risk factors.
Commercial Property coverage specifically applies to property and assets on the premises of the organization, and does not automatically apply to the use or presence of those assets in transit or on location. To that end, you can add Business Property off-premises coverage for transportation and offsite location presence of specified properties. This type of coverage is often called Inland Marine, and it can safeguard all owned and rented equipment in transit, and in your offsite location shoots.
A correctly written policy also will cover a sublimit for travel and mobile purposes. That sublimit must be enough to cover everything involved for offsite production, including your company's and employees' gear and hired gear. You may also need to consider more mobile coverage through an Inland Marine policy component.
Also consider issues regarding Unmanned Aircraft, specifically drones. What happens if a drone loaded with a $100,000 camera goes missing or crashes from a thousand feet up? If you use drones as part of your productions, make sure your Commercial Property policy also covers these important tools.
For Commercial Property coverage, detail is king. Anything that can be considered an asset is fair game. Sweat the details up front and plan the Commercial Property insurance coverage for your production. It might just take an hour or two, but you'll be glad you did. You'll also realize another benefit. Doing some insurance planning may open unexpected insights into your methods and production planning that you might otherwise overlook. Whenever you can, involve your production team members. Their ideas and specific input on how they do their jobs can inform how you and your broker/agent define your insurance coverage, because you can't afford to miss anything. Always invoke Murphy's Law. Since you're the business owner, consider this task to be at the top of your to-do list.