We get questions every day regarding what are the common coverage’s found in commercial property insurance for film and production companies. Part one of our series, film & production company property insurance, we will review; definition of covered property, leased or rented property, accounts receivable, extra expense, and business personal property. Let’s get to it.
Deﬁnition of Covered Property-Covered property includes your equipment and related property used in the entertainment industry including audio, visual, computer, recording, lighting and projection equipment, wardrobes, props, costumes, and ﬁne arts, as well as similar property of others that is in your care, custody, and control.
Property Loaned, Leased or Rented to Others-You’ll have coverage for direct physical loss to covered property you own that you loan, lease, or rent to others.
Accounts Receivable- Coverage is provided to reestablish accounts receivable records damaged as a result of a covered, direct physical loss.
Extra Expense- Commonly used equipment is easily and quickly replaced. Specialized or customized equipment may not be. To help you keep your performance commitments, your policy can cover the necessary and reasonable expenses up to a specific limit to expedite the repair or replacement of covered property. We can also cover the expenses to temporarily rent replacement property until your damaged property can be reasonably repaired or replaced.
Business Personal Property-Your policy covers direct physical damage to your business personal property resulting from a covered cause of loss.
Note: All coverage described here would be subject to specific limits depending on policy terms.