Tuesday, September 10, 2013

What Does Property Insurance Cover?

Most of our entertainment clients purchase property insurance. One question we often have is, do clients ever actually read their policies? We hope so. We recommend that every client read their policy and try to understand it. But in case you have not gotten to that, here is an overview of commercial property insurance. Policies will vary, so consider this a brief overview.

The purpose of property insurance for the entertainment industry is to provide financial assistance in the event of a loss (fire, wind, theft) so that the organization can continue to operate with as little disruption as possible.

What is typically covered under a property policy?
  • Buildings, furniture, fixtures, inventory, personal property, equipment, cameras, props, sound equipment, etc.
What kinds of losses are covered?
  •  Fire, wind, lightning, vehicle damage to the building, weather, theft plus others
What are common exclusions?
  •  Earthquake, flood, wear and tear, hurricanes, property not owned by your firm

What are the kinds of coverage needed in the entertainment industry?
  •     Property in transit and temporary locations
  •          Property for special props and sets
  •          Intangible coverage: Includes patents, scripts, copyrights and trademarks
  •          Computer virus protection: Covers the loss of data and business through computer viruses
  •          Crime and employee dishonesty
  •          Business income and extra expense
  •          Boiler and machinery coverage

We can examine your current policies to see if you have the coverage you need. Just request an insurance review. An experienced agent will meet with you to go over your policies and explain any details you might not be sure about. As an independent commercial insurance agency we work with a variety of insurers who may be able to provide a quote for your property coverage that could save you money as well.

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