26 Sep Film Producers Motor Insurance Premiums is a Higher Premium
Film Producers Motor Insurance Premiums is a Higher Premium
Why is this?
Working in the film production industry you quickly learn to appreciate the value of insuring with a reliable insurer and choosing an industry-specific policy to cover every aspect of production to ensure success at minimal risk of failure due to perils. Here we take a look at some of the reasons why premiums for car insurance for the film production industry are higher than for most other industries. From stunt vehicles to props that never actually move during film shooting, vehicles are widely used in the film production industry and the inherent risk is somewhat greater. Do, vehicles are important to the film industry and the account for a significant fraction of the total cost of production of say a movie. It follows that motor insurance cover is also important for cars used in this industry because of the many perils they are prone to during the shoot. But is the increased premiums justified in a real sense? Let’s find out why this is.
Car cover for the film industry has tailored the needs of the particular client and the wording can always be altered with every new contract to allow extra protection against loss or damage to vehicles involved in the production process. Finance provider and other stakeholders will expect vehicles will be covered for the entire period they are to be used on the scene. In case of damage or loss of the asset then your video shoot is able to go on as scheduled. The best car insurance policy for your filmmaking industry is naturally dependent upon your type of project. If you are making short music videos you might need a different package from those that are meant for filmmakers.
How motor insurance cover premiums for film industry are determined
Under normal circumstances, the cost of insuring cars for a production firm will be calculated using a pre-defined rate against the total value of the vehicles covered. If a vehicle is not to move during the shoot then it might be covered under props to cater for any damage to it in its state of rest during the shoot. You may choose to exempt certain vehicle on the fleet from special coverage depending on your assessment of the inherent risk. Here are some factors your best insurer for the film industry will consider when working out what rate to use in arriving at your premiums for car cover.
- Type of productions
All projects have their own unique set of challenges and risks depending on the where, when and how.
- Stunts and special effects
Stunts are difficult to perform and require experience to pull through without damage to the vehicle or injury to the cast. All stunts are to be closely scrutinised by the insurance provider to assess the risk and give the go ahead
- Workaround water
Working near water bodies poses a great risk to the vehicles in the set and therefore is bound to push motor insurance cover premiums further up.
- Aerial shots
If the video involves the car leaving the ground and grabbing some air then the insurer needs to update their risk algorithm before they can come up with the new rate.
- Location of the shoot
As you might have already noted, most of the factors listed above cause the cost of insurance to rise rather than reduce because of the added risk. The more complicated the shoot the more the uncertainty and likelihood of loss or damage to vehicles in the location.
Insuring stunt vehicles
As with the members of the cast who are to take part in hazardous stunts, a vehicle to be used in such stunts are to be insured separately from the rest of the fleet. Your best car insurance company for the motor industry should give the consent to go ahead with the stunt after going through the synopsis of the scene to be filmed, list of stunts and type of stunt plus location, safety measures taken to prevent damage and loss, the number of people taking part and the experience of the stunt coordinators among other things. In short, the insurer must be made aware of all the necessary consideration to make before they can evaluate the risk involved and work out the rate at which the premium should be set.
Commercial vehicle insurance packages
This package covers vehicles that are not the property of the client video production firm and are hired for the purpose of facilitating the shoot. As you may already suspect, this too causes the cost of insurance to increase because of the greater likelihood of a claim being filed. Hiring vehicles help keep production costs down and it wouldn’t hurt much to pay a little extra for insuring commercial vehicles properly because you are liable if you hire them for the shoot.