Why do Production Companies need Film Errors and Omissions Insurance?
As a producer you’re exposed to a variety of risks as soon as your film is distributed. Broadcasters, distributors and financiers of film and television productions expect you as the producer to insure against these risks. The solution is to take out Film Errors & Omissions (E&O) Insurance prior to the distribution of your work, to cover the costs of investigation, settlements and defens if a claim is made against ‘you the producer’.
Film Errors and Omissions insurance protects your organization from the financial impact of professional mistakes - either negligence or breach of contract.
Film E&O Insurance does not cover you for costs arising from criminal charges or any deliberate wrong doing. But professional mistakes do happen, and E&O insurance can help with:
Despite slick production management and strict legal clearances, a producer could still face legal action from an error or omission. For example, the script of your production may be slightly similar to another film or programme, or even a published novel. This could lead to a claim that you’ve committed plagiarism i.e. copied someone else’s idea, and defending yourself at court can be very costly.
The first step in arranging your Film E&O Insurance is to speak with an experienced insurance broker as their advice will be invaluable. They’ll ensure you get the right levels of cover, at the right premium. For example, you’ll need guidance around your “delivery requirement”, which dictates the length of the policy period. This could be 1, 3 or maybe 5 years and will be clearly stated in your distributor’s contract.
Some things to think about…
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Tech-based business is 24/7, global and borderless, always exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.