Annual-Period Insurance

Question 1

What is electrical/mechanical breakdown insurance? What does it cover?

Answer 1

Cover the cost to replace or repair technical equipment should a loss be suffered due to internal breakdown or operator error, worldwide cover

Question 2

Does performance do annual ‘all risks’, if so, what sort of items are there?

Answer 2

Yes, covers property, equipment & hired-in kit

Question 3

Explain what BI is and who its very important for?

Answer 3

Cover you for loss of income should there be material damage to your property which prevents you from continuing to trade for a period of time. V. important for Post-Production Companies, Kit Hire, Studios and Film Studios as rely on their premises more.

Question 4

What are the 3 ways BI cover can be arranged?

Answer 4

• Gross Revenue - revenue during the twelve months before the date of loss or damage
• Gross Profit - Combined value of turnover, closing stock & work in progress, less combined value of opening stock, work in progress and Uninsured Working Expenses. Calculated using accounting methods & made provision for depreciation
• Increased cost of working - cost neccessarily & reasonably incurred as a result of the damage in order to keep business running. Maximum payable during first 3 months is 25% of the SI
  = Also need to review indemnity period

Question 5

Producers indemnity, what is it?

Answer 5

• Producers indemnity designed to protect the budget of your production, should you need alternative shooting dates or to abandon the project entirely. Policy will pay out for either the additional expenditure incurred to complete the production or, in the case of abandonment, you will be compensated for the expenditure already incurred

Question 6

Multimedia insurance, what is it?

Answer 6

Also known as All Risks Negatives (content loss protection), covers your actual shot media should it be lost or damaged at any stage throughout production
= Cover will pay for the cost to re-create the lost or damaged footage, or alternatively to reimburse the amount spent should the production be abandoned - conditions on this cover though!

Question 7

What are the conditions for Multimedia insurance?

Answer 7

Maintain all artwork drawings, computer images and software until completion of the production and that you must make a copy of any negative prior to it being transferred to another format

Question 8

What is E&O? What is commonly included?

Answer 8

Errors & Omissions = protects against claims once the production begins to be distributed
Include, but isnt limited to:
- Intellectual property infringement
- Breach of confidentiality
- Your failure to give credit of authorship
- Trademark Infringement
- Breach of the scope of your license with a third party

Question 9

What other annual policies can we arrange?

Answer 9

• PI
• ML
• Cyber
• Business Travel insurance
• Terrorism

Question 10

Explain PI insurance in relation to Performance

Answer 10

= Protect professionals and their businesses in the event of a claim being made by a client or third party suggesting that they have suffered a loss as a result of non-performance, breach of contract and/or professional negligence in the services provided