As productions are starting to define what is the "new normal" in this COVID-19 era, our team at Akker is receiving various calls and emails regarding the state of insurance for the Film and Entertainment Industry. In this blog we outline the most common questions and solutions available for filmmakers.
Can I still get insurance right now for my Film Production?
Yes, our team at Akker LLC works with 5 Carriers that are underwriting policies for projects nationwide. The Carriers have been very meticulous on what projects they choose to underwrite.
Is COVID-19 included under the insurance policy?
No. As of right now, COVID-19 is one of the major exclusions on the policies from our Carriers. We are keeping our ears open for potential COVID-19 policy options but currently this is a unicorn waiting to be found.
How long is the underwriting quoting process?
We can turn a quote around in 12 hours (or less) for films under 1M in budget. Film projects with budgets $1M+ are experiencing a slower turnaround. Underwriting can take 3-5 days, even up to 2 weeks depending on the Carrier. So please remember if you're starting pre-production, allow our team enough time to properly shop and quote your insurance policy.
How has the pricing changed since COVID-19 started?
The pricing has changed drastically in the last few months. We are seeing Carriers say "NO" to more projects than before. Quotes for $1M+ projects are ranging 2-3% of the total budget. Note there are various factors affecting the quote, for example: stunts, cast coverage and State where the project is filmed. On budgets below $1M the pricing has increased as well and there are less options of quoting available at this time.
Can we still get insurance for Cast and Essential Elements coverages?
Carriers are either saying "NO" to cast coverage or providing very limited coverage. An example of that would be a $15M budget film receiving a $3M in cast coverage vs the full budget as it would be standard prior to COVID-19. With that being said, it is important to allow our team at Akker plenty of time to shop your coverages and find the best solution possible for your project, especially if you're working with a distributor or a completion bond company that might require higher limits. We are seeing some essential elements quotes however with very limited Carrier options and their underwriting process requires more approval.
Are the Carriers requiring any COVID-19 safety guidelines?
Insurance Carriers are asking for the production to submit COVID-19 safety protocols at the point of quote submission. This is required for the quote to be bound, so remember to work with your team to build proper COVID-19 safety protocols for your film set. You can always reach out to our team at Akker and one of our film insurance agents can assist you with the information you need.
What coverages are currently available for film insurance?
The coverages currently available are: general liability, worker’s compensation, auto liability, equipment rental, owned equipment, third-party property damage, E&O insurance, props, sets, wardrobe, cast coverage, umbrella, essential elements and more.
Please feel free to contact our Film Insurance expert Stanislav Shkilnyi - stan@akkerins.com. Stan comes from 16 years of film industry background and 9 years of experience providing insurance for film projects worldwide. He understands how to build a proper policy for his clients on time and within budget.
