Wednesday, March 9, 2016

Commercial Umbrella Insurance For The Entertainment Industry

Entertainment Umbrella Insurance

Almost every entertainment business large or small needs some level of added protection afforded by a commercial umbrella insurance policy. A commercial umbrella policy provides a layer of coverage over and above a primary business and auto policy.  There are at least five important lessons, or facts, to be aware of when considering commercial umbrella insurance.

  • An umbrella policy can, but may not always, provide the same coverage as the primary policy.   If you have a “following form excess policy” you can be guaranteed that the excess policy will provide the same coverage as the primary policy.
  • Most umbrella policies require at least $1 million dollars of primary or underlying limit.
  • Umbrella pricing is usually a predetermined rate based on the underlying premium, but can include the judgment of the underwriter.
  • If the primary policy has additional insured’s, they will carry over into the umbrella policy.
  • Umbrella policies may have exclusions not found in the primary policy; for example, pollution, workers’ compensation, and product recall.  If you have a true following form excess policy, your exclusions will be the same as in the primary policy.

You may need added coverage if you are involved in

  • Film schools
  • High risk productions
  • Foreign productions
  • Use of stunt men
  • Concerts and other events

The staff at John Hart Insurance has over 60 years combined experience in the field of entertainment insurance.  We focus exclusively on understanding the unique needs of motion picture, television, video, music and theatrical companies.  This knowledge base allows us to structure an insurance program specifically for each client that will be a balance of the best coverage and most economical solutions to help them manage the risks inherent to their unique businesses.

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