How much is too much for insurance? at DVinfo.net

Roger Van Royen · April 5th, 2006, 01:31 AM

I'm really not a big fan of insurance companies, but I know I need production/liability insurance for an upcoming shoot so I've started looking for rates and quotes. The first quote I got was for $1500. That covers me for four weeks of filming on a feature length film in Northern California. Since the budget's only $15000 in the first place, the quote seems overly capitalistic to me. Then again, maybe it's typical. Some input would be nice. What rates are average? Any good recommendations for reliable, trustworthy insurance companies? Is there such a thing? Please help if you can. Thank you.

Richard Alvarez · April 5th, 2006, 07:51 AM

Roger

The phrase 'that covers me for four weeks' doesn't really tell us much. HOW does it cover you? General liablility up to a grand? A mil? Five mil? Specific liability???

Need more info in order to give you an accurate assesment.

Don Donatello · April 5th, 2006, 11:49 AM

how much liability ?

most places require a min of 1 mil ... but the bottom line comes down to WHO is the one with their ASSets on the line? if you are a corporation or LLC then you have some personal protection ... if it's just you and some friends getting together then ALL assets ( everything you own now and future own, and future income ) is on the line = if you get sued and the judgement is over 1 mil you & friend have to pay all above 1 mil ... also if you are negligent = as in you know you should get a permit or you do car stunts without professionals, you start a little fire, and you don't get permits/pro have ambulance standing by and somebody gets hurt/you damage property etc the insurance you bought may not cover it ( read the fine print) - stunts are extra $$

"Since the budget's only $15000 in the first place, the quote seems overly capitalistic to me" ( 1500 for insurance)

capitalistic !!! well thats' from where you sit.... look at it from other side = you pay them 1500 and they'll pay up to 1 million ... anyway you look at it they may have to pay out up to 1 million no matter what the budget ..

IMO 1500 is good price for 1 mil liability on a dramatic feature for a YEAR.
it is usually more expensive for 5 weeks coverage vs. a year ...

so does the 1500 include any other coverage besides liability??

Roger Van Royen · April 5th, 2006, 02:06 PM

Thanks for the replies. The policy covers a period of one month with the following provisions:

Inland Marine: $250,000 for 3rd party damage (and terrorism)

General Liability:

general aggregate = $1 million

products completed = $1 million

personal/advertising agency = $1 million

each occurrence = $1 million

fire legal = $100,000

medical = $5000

terrorism

Totals on the quote came to $1252 for the policy, $165 transaction fee, $100 for a broker fee. I guess it's true that $1500 looks more fair in the light of how much this insurance company would have to pay if there was a lawsuit. True enough. I just hate the fact that the city won't issue a permit unless I "buy" something from a private business. Anyway, that's what competition is for and that's why I'm asking if anyone's seen better rates out there. Hope that's enough information. Appreciate the input.

Craig Chartier · April 5th, 2006, 10:21 PM

So your not getting any equipment coverage? Also if your planning on doing more than one project in the next 12 months, then you should look at the yearly policy. The reason short term policies are sooo pricey is because all of the crooks who plan on cheating, stealing etc, only buy the short term coverage. This makes it harder for all the good guys to get coverage.

Roger Van Royen · April 5th, 2006, 11:14 PM

No plans to get equipment coverage yet. This particular policy only covers rented equipment, and I won't be renting anything. If I can find a less expensive policy I can add it, but at the rates I'm seeing now I'd have to make cuts in the overall budget which might prevent filming at all. I don't find that option very appealing. I can take chances with my equipment because the local government doesn't care, but the liability insurance is mandatory for permits. Just based on what I've heard from people in my area, I'd never try blowing off the city permits, although it sure is a tempting thought.

April 5th, 2006, 01:31 AM	#1
Roger Van Royen Regular Crew Join Date: Aug 2003 Posts: 27	How much is too much for insurance? I'm really not a big fan of insurance companies, but I know I need production/liability insurance for an upcoming shoot so I've started looking for rates and quotes. The first quote I got was for $1500. That covers me for four weeks of filming on a feature length film in Northern California. Since the budget's only $15000 in the first place, the quote seems overly capitalistic to me. Then again, maybe it's typical. Some input would be nice. What rates are average? Any good recommendations for reliable, trustworthy insurance companies? Is there such a thing? Please help if you can. Thank you.

April 5th, 2006, 07:51 AM	#2
Richard Alvarez Inner Circle Join Date: Sep 2002 Location: San Mateo, CA Posts: 3,840	Roger The phrase 'that covers me for four weeks' doesn't really tell us much. HOW does it cover you? General liablility up to a grand? A mil? Five mil? Specific liability??? Need more info in order to give you an accurate assesment.

April 5th, 2006, 11:49 AM	#3
Don Donatello Hawaiian Shirt Mogul Join Date: Nov 2001 Location: northern cailfornia Posts: 1,261	how much liability ? most places require a min of 1 mil ... but the bottom line comes down to WHO is the one with their ASSets on the line? if you are a corporation or LLC then you have some personal protection ... if it's just you and some friends getting together then ALL assets ( everything you own now and future own, and future income ) is on the line = if you get sued and the judgement is over 1 mil you & friend have to pay all above 1 mil ... also if you are negligent = as in you know you should get a permit or you do car stunts without professionals, you start a little fire, and you don't get permits/pro have ambulance standing by and somebody gets hurt/you damage property etc the insurance you bought may not cover it ( read the fine print) - stunts are extra $$ "Since the budget's only $15000 in the first place, the quote seems overly capitalistic to me" ( 1500 for insurance) capitalistic !!! well thats' from where you sit.... look at it from other side = you pay them 1500 and they'll pay up to 1 million ... anyway you look at it they may have to pay out up to 1 million no matter what the budget .. IMO 1500 is good price for 1 mil liability on a dramatic feature for a YEAR. it is usually more expensive for 5 weeks coverage vs. a year ... so does the 1500 include any other coverage besides liability??

April 5th, 2006, 02:06 PM	#4
Roger Van Royen Regular Crew Join Date: Aug 2003 Posts: 27	Thanks for the replies. The policy covers a period of one month with the following provisions: Inland Marine: $250,000 for 3rd party damage (and terrorism) General Liability: general aggregate = $1 million products completed = $1 million personal/advertising agency = $1 million each occurrence = $1 million fire legal = $100,000 medical = $5000 terrorism Totals on the quote came to $1252 for the policy, $165 transaction fee, $100 for a broker fee. I guess it's true that $1500 looks more fair in the light of how much this insurance company would have to pay if there was a lawsuit. True enough. I just hate the fact that the city won't issue a permit unless I "buy" something from a private business. Anyway, that's what competition is for and that's why I'm asking if anyone's seen better rates out there. Hope that's enough information. Appreciate the input.

April 5th, 2006, 10:21 PM	#5
Craig Chartier DVi Contributor Join Date: Mar 2006 Location: Austin Texas Posts: 374	So your not getting any equipment coverage? Also if your planning on doing more than one project in the next 12 months, then you should look at the yearly policy. The reason short term policies are sooo pricey is because all of the crooks who plan on cheating, stealing etc, only buy the short term coverage. This makes it harder for all the good guys to get coverage.

April 5th, 2006, 11:14 PM	#6
Roger Van Royen Regular Crew Join Date: Aug 2003 Posts: 27	No plans to get equipment coverage yet. This particular policy only covers rented equipment, and I won't be renting anything. If I can find a less expensive policy I can add it, but at the rates I'm seeing now I'd have to make cuts in the overall budget which might prevent filming at all. I don't find that option very appealing. I can take chances with my equipment because the local government doesn't care, but the liability insurance is mandatory for permits. Just based on what I've heard from people in my area, I'd never try blowing off the city permits, although it sure is a tempting thought.