New Insurance Policy Addresses Technological Advances in Filmmaking
WARREN, NJ, February 19, 2008 - A new film producers risk policy from the Chubb Group of Insurance Companies addresses the enormous advances in filmmaking
during the past decade.
The policy helps pay for the additional costs to complete a production when it is interrupted or has to be re-shot as a result
of specific causes. And unlike traditional film policies, which insure certain losses only through principal photography,
Chubb's Film Producers Risk policy extends protection through post production. This is critical, said Gene Williams, vice
president of Chubb & Son and worldwide entertainment manager for Chubb Commercial Insurance, because in modern filmmaking,
principal photography and post-production often occur simultaneously.
"Chubb's new Film Producers Risk policy is a fresh approach. It's not just a matter of minor tweaks," Williams said. "The
old, traditional film policies were designed for an analog world, but we're living in a digital age. Chubb's new policy is
designed for the way films are being made today."
Among the additional costs that are insured by the new policy are those that are caused by:
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Loss or damage to any medium or device used to record or store sounds or images;
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Damage to property used in the production;
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Mechanical breakdown of equipment, animatronics, boats, aircraft, etc.;
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Illness or injury of cast members or their immediate family;
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Loss of power, communication or other utilities or services; and
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Seizure or quarantine of property by government or military authority.
The policy also protects against the cost of repairing or replacing lost or damaged property, including production equipment,
props, sets, wardrobe and animals, and the producer's legal liability for damage to property of others.
Available for producers of feature films, television, commercials, music videos, educational or corporate films, the policy
features enhancements such as:
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Cast insurance without age or childhood disease exclusions;
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A blanket limit for undeclared cast or crew members;
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Insurance for damage to media from X-rays, magnetic fields or temperature extremes; and
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Insurance for losses caused by malicious computer programming.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's
global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.
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