Equipment insurance and its importance in the life of an audiovisual producer
Hello!
Another Monday arrived and with it our usual #MondayBlog.
As usual, we at Prospecto will share with you a little more of our knowledge, acquired after more than a decade in the insurance world.
As you well know, equipment is a tool used by people to perform a task or function. And equipment is present in all areas of our lives.
From the smartphone, always at our side, to the refrigerator in our homes.
For this reason, equipment insurance is divided into different niches and different rates. For the audiovisual industry, there is both the possibility of contracting the insurance of its equipment with a general annual policy, as well as the occasional coverage, from production to production. Most of the time, it is essential to have both active hires, because when it comes to audiovisual productions, a lot of different equipment is rented during specific shootings.
Thus, the annual insurance would cover the equipment owned by the company and the audiovisual insurance would cover the other equipment that will be added to the production for a short period of time.
The coverage is against damage from risks of involuntary breakage and fall, as well as fire, explosion, electrical damage, robbery and qualified theft (where force is used to take the property).
Equipment insurance is also divided into portable and electronic. And due to the pandemic, insurance companies have opened the possibility of insuring equipment in a home office situation.
For a production, all the equipment used for the project to take place should be insured with the objective of transferring the monetary risk to a trustworthy insurance company, without bringing another burden or financial loss to the project in progress.
Therefore, include your company's laptops, cell phones, cameras, camcorders, lenses, and all other essential business equipment in good insurance.
In Brazil, accidents on set and equipment theft are the biggest causes of claims. In May of that year, on Avenida Paulista, a Swedish journalist suffered an attempted theft of his cell phone while filming a piece.
Known statistics state that in the main Brazilian capitals, around 63 cell phones are stolen per hour.
During a filming in Rio de Janeiro, a production team was attacked by bandits who took their filming equipment. This accident cost the insurance company an indemnity of around R$ 600,000.00.
In another filming, they took the truck with the equipment, with an estimated value of R$ 300,000.00 in goods.
Another story we know is that of a film crew, abroad, who in the last week of shooting had all their equipment burnt out due to a power outage. This loss amounted to 1 million dollars.
Luckily, or better said, due to production management intelligence and a good work of support from your brokers, all the above mentioned cases were duly compensated.
We do not mention names of productions or insurance companies, as these are confidential data, but equipment claims occur in about 24% of the coverage activated in this audiovisual sector.
Due to the importance of this coverage, we decided to talk a little about it today, and in the next opportunity we will truly thoroughly explain each aspect of this insurance, what it does and does not cover, and what are the possibilities for special acceptances.
I hope our content for today has helped you understand the need for this type of coverage in order to bring peace of mind to your daily work.
See you next Monday.
An excellent week, lovers!
Prospecto Seguros
Learn more:
Equipments
Audiovisual Production
Drones
Errors and Omissions
Life and Personal Accidents