What Insurance Do Film Producers And Directors Need?
What could insurance have possibly to do with film producers and director? The answer: everything. Why? Because no movie or television show could ever be made without an insurance policy in place.
It all started in the 1920’s when film production officially became a vice and a burgeoning business in Hollywood. The first entertainment insurance policies in Hollywood were written to protect film equipment, pretty much like how car insurance are written to protect your pocket when a car accident happens. Now, entertainment insurance policies are written to protect film and television projects from practically all risks, like damage to film equipment and property.
Film insurance coverage has been expanded too to protect film producers and directors. Insurance for film producers and directors have less to do with loss of life or limb, it has more to do with protecting them against liabilities arising from lawsuits. Underwriters know this type of insurance as E&O insurance or Errors & Omissions insurance.
Producers and directors need E&O insurance for different types of risks. They may not know it, but the title of a movie production project might be violating a trademark by a third party and hence could be subject to lawsuits arising from copyright infringement. As you may know the cost of defending oneself against lawsuits could be staggering.
E&O insurance is not just limited to the bigwigs, they are also for any producer and director from a small independent production.