Tuesday, July 30, 2013

Property Insurance For Production Firms Part II

Part one of property for film and production companies we talked about; definition of covered property, leased or rented property, accounts receivable, extra expense, and business personal property. Now let us cover some additional areas. 

Rental Reimbursement -Coverage for continuing rental or lease charges you are legally obligated to pay under a written lease or contract for covered property you rent or lease from others when that property has a loss.

Newly Acquired Property-newly acquired entertainment equipment is covered usually, for up to $10,000, for 45 days or until the expiration or cancellation of the policy, whichever comes first.
Valuable Records, Data, and Software-Record keeping is essential for any business. Your policy can include coverage to restore, replace or reproduce your valuable records, data and software.

Unexplained Disappearance-Your coverage is extended to provide up to a specific limit towards the cost to replace covered property that is discovered to be lost or missing upon taking inventory and for which you can furnish a sales receipt or manufacturer’s packaging.

Exhibitions-Equipment that is physically damaged by a covered cause of loss while on temporary exhibition is covered. Error in Repairing, Restoration, or Retouching Your policy also extends coverage to the loss resulting from your employees’ defective workmanship in repairing, restoring, or retouching covered property. 

John Hart insurance can provide your film or production company with:
  • Coverage is available for a wide variety of equipment used in the arts and entertainment industry
  • The policy typically covers:
  •  Property in storage
  •  Property in transit
  •  Property owned by others and in your care, custody, or control
  •  Property on exhibition
  • Expediting expense, rental reimbursement, exhibitions, and other important coverage additions and basic limits can be built-in
  • Coverage is available on a scheduled or blanket basis
  • Limits may be customized to meet your individual needs

Note: All coverage described here would be subject to specific limits depending on policy terms.

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