Specialized coverage designed to protect production equipment used in filmmaking and television production. This insurance safeguards against damage, loss, or theft of essential equipment such as cameras, lighting, sound, and grip equipment. Whether the equipment is owned or rented, Equipment Insurance provides financial protection, ensuring productions can proceed without unexpected costs or delays.
Why Do You Need Equipment Insurance?
Protect Your Investment
Production equipment represents a significant financial investment. Damage or loss can result in substantial setbacks and production delays. Equipment Insurance ensures you can repair or replace equipment promptly without bearing the full financial burden.
Comprehensive Coverage
- Damage or Loss Coverage: Protects against risks like accidental damage, theft, fire, and vandalism.
- Owned and Rented Equipment: Offers protection for both equipment you own and equipment you rent for productions.
- Worldwide Coverage: Includes protection for equipment during travel and use internationally, essential for productions that shoot in multiple locations.
Who Should Consider Equipment Insurance?
- Production Companies: Companies involved in film, television, commercials, or any media production should consider Equipment Insurance to protect their valuable equipment assets.
- Independent Filmmakers and Videographers: Individuals or small teams using high-value equipment for projects can benefit from the financial security that Equipment Insurance provides.
Where Does Equipment Insurance Apply?
Equipment Insurance offers worldwide coverage, protecting your equipment during travel and use across different locations globally. This is particularly important for productions that film in various domestic and international locations.
How Does Equipment Insurance Work?
Coverage Options
- All-Risk Coverage: Protects against all types of risks unless specifically excluded in the policy, providing broad protection for your equipment.
- Replacement Cost Coverage: Offers reimbursement for the full cost to replace damaged or lost equipment with new items of similar kind and quality.
- Rented Equipment Coverage: Extends coverage to equipment rented from third parties, often a requirement from rental companies.
Application Process
- Assess Your Equipment: Create an inventory of all equipment, including serial numbers and values, to determine the coverage amount needed.
- Select Appropriate Coverages: Choose coverages that match your specific needs and the nature of your productions.
- Consult with an Expert Agent: Work with an insurance agent experienced in entertainment insurance to customize your policy.
Benefits of Equipment Insurance
- Financial Protection: Safeguards against unexpected expenses due to equipment damage or loss, helping you maintain your production budget and avoid costly delays.
- Peace of Mind: Allows you to focus on the creative aspects of your production without worrying about potential equipment losses.
- Compliance with Industry Requirements: Many equipment rental companies and filming locations require proof of insurance. Having Equipment Insurance ensures you meet these requirements and can proceed with your production plans.
Sources
- Insurance Information Institute – Equipment Breakdown Insurance
- Association of Independent Commercial Producers – Insurance Guidelines
- Front Row Insurance Brokers – Equipment Insurance
- The Hartford – Entertainment Insurance