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Errors and Omissions insurance policies


GeorgeSelinsky
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Hello all,

 

I'm shopping for a good deal on an E&O insurance policy for a feature film's distribution. Of all the things I've had to look for, this is probably one of the hardest and most secretive areas that I've come across. Can anyone offer any tips on finding the lowest cost E&O insurance policy that a distributor will find acceptable? Are there certain policy standards that a distributor will insist upon (i.e. a certain deductible, etc)?

 

Any assistance in this area is welcome, I have searched and found precious little on this important subject anywhere.

 

Thank you in advance!

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Strange a google search under "errors omission insurance film" got me a whole bunch of carriers and brokers. Here's just the first five that came up. Try asking one the question as they are very knowledgeable of what works and what does not.

 

 

http://www.productioninsurance.com/

 

http://venturainsurance.reachlocal.com

 

http://www.eqgroup.com/film_production.htm

 

http://www.aeinsurance.com/

 

http://www.filmemporium.com/insurance.html

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Thank you Walter. I've already seen these brokerages online, I was interested in a more "behind the scenes" view on this, i.e. how the negotiations process goes, perhaps a recommendation that someone might have, etc. There's tons of advice how to deal with other vendors but few if any on E&O companies that I've been able to see. From what I understand this can be a very tough hurtle to climb.

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Thank you Walter. I've already seen these brokerages online, I was interested in a more "behind the scenes" view on this, i.e. how the negotiations process goes, perhaps a recommendation that someone might have, etc. There's tons of advice how to deal with other vendors but few if any on E&O companies that I've been able to see. From what I understand this can be a very tough hurtle to climb.

 

 

Sorry, I read your post incorrectly. I deal with E and O for commercials but never sold a feature. See if this article helps. Attached.

E_O.doc

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Hey George,

 

I went through this process on Dark Reprieve, very simple really. I only paid $3, 500.00 CDN all in for what I needed. Standard 1 million policy.

 

I'm assuming you didn't hire a lawyer at the start of production to go through your script, etc?

 

One thing...is your film sold? There isn't much point in bothering with E&O on an un-sold feature, it may just be money down the drain if there is no buyer. I didn't bother with it until I needed it.

 

E&O companies can turn around the policy quite quickly so time usually isn't an issue. The firm I used has their own in house lawyers who will screen the movie and look for any issues, this saves you hiring a lawyer for a separate report.

 

It was really straight forward, I filled out the application, they screened my movie, and took my money via credit card. They asked to see a sample of my actors release that all actors signed, my contract with the writer, & the composer.

 

You are welcome to contact the people I used, Steve Beatty will answer all of your questions over the phone. He will probably refer you onto the US office. Tell him I referred you.

 

Steve Beatty, Vice President

C + C Entertainment & Media Insurance Services,

a division of Mainway Hunter Creighton Insurance Brokers

101 Queen Street South, Mississauga, Ontario Canada L5M 1K7

Telephone: 905 363 7930 Fax: 905 890 0100

Mobile: 416 716 4684 Toll-Free: 888 486 8373 or 800 813 4450

 

steve.beatty@mhcinsurance.ca

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  • 1 year later...

 

I have used Film Emporium before...They are awesome! Definitely one I'd recommend for your E&O. They also covered me for my equipment as well. www.FilmEmporium.com

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  • 2 weeks later...

As in all things production related, a word of caution is offered. Short term policies, those less than 1 year in duration, usually have an exclusion called

"Locked Vehicle Exclusion/Endorsement. This Exclusion disallows payment to a Loss Payee or Policy Holder (Insured) who suffers a loss, typically theft, from a vehicle that is not a locked vehicle parked in a bonded lot.

Also keep in mind that you are required to have a cumulative value for the rented equipent. What this means is you must have enough of a value to cover all of your vendors for all of the equipment rented. If you have 2 vendors each with an equipment value of $1,000,000.00 you will need $2,000,000.00 in coverage.

 

Below are the Insurance requirements (Non-Amenable) from Arri CSC the Largest full service rental company in the US.

 

ARRI CSC DOES NOT ACCEPT INSURANCE COVERAGE THAT CONTAINS AN UNATTENDED VEHICLE EXCLUSION.

CHECK WITH YOUR BROKER REGARDING THIS COVERAGE.

It is necessary for ARRI CSC, Inc. to have a certificate of insurance which clearly states the following:

1. That the policy is written by a United States carrier in U.S. dollars.

2. That the customer’s policy provides coverage for miscellaneous or rented equipment,

accessories and vehicles for both property and liability.

3 ARRI CSC, Inc. must be named as Certificate Holder, Loss Payee and Additional Insured.

4. That the limit of liability is clearly stated.

5. That the deductible, if any is indicated.

6. That the coverage is all risk.

7. That the coverage is written on a world-wide basis, including transit.

8. That the coverage is written on a “Replacement Cost Basis” without deduction for depreciation.

9. That the captioned policy will be endorsed to provide 30 days written notice to ARRI CSC, Inc. in the event

of cancellation, reduction or increase in coverage.

10. That the policy includes an endorsement stating that with respect to equipment rented

from ARRI CSC, Inc. as their interest may appear (ATIMA).

Also, note that the certificate must be signed by either a representative of the insurance company or an agent of the company.

It is the customer’s responsibility to furnish ARRI CSC, Inc. with a certificate of insurance. This should be done

prior to the first rental and again, on each renewal term of the policy.

11. Certificate Holder is:

ARRI CSC, INC. 25 Enterprise Ave North, Secaucus, NJ 07094 or

ARRI CSC, INC. 2385 Stirling Road, Ft. Lauderdale, Fl 33312

ARRI CSC DOES NOT ACCEPT INSURANCE COVERAGE THAT CONTAINS AN UNATTENDED VEHICLE EXCLUSION.

CHECK WITH YOUR BROKER REGARDING THIS COVERAGE.

 

Contact Information:

ARRI CSC, Inc.

www.arricsc.com

25 Enterprise Ave North

Secaucus, NJ 07094

Tel: 212.757.0906

Fax: 212.713.0075

2385 Stirling Road

Ft. Lauderdale, Fl 33312

Tel: 954.322.4545

Fax: 954.322.4188

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  • 2 years later...

http://www.filmemporium.com/e&o.html

 

They even give you a sample rate, which I take it is based on a direct to DVD release (could be wrong though).

 

Also, for Equipment Insurance (if your renting), I'd suggest: https://www.buymyinsurancenow.com/home/insure-my-rentals/.

I worked with them before and also with Lensrentals.com, which accepts their insurance coverage for equipment. I'm not endorsing any of the above 3 companies, but two I have experience with and one seems like a pretty good deal too me.

Edited by Landon Parks
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