Many people are unsure what an umbrella policy is or what it covers. When you are outside and there is a light rain or breeze you generally don’t need or want an umbrella. However, if it is pouring down rain with high winds, you take your umbrella. An Umbrella Insurance policy works much the same way.
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Umbrella Insurance policy protects your operation or production company from losing the entirety of your resource and assets in the event of a large claim. Umbrella Insurance provides limits above your primary commercial insurance program.
We can secure umbrella protection for many exposures including:
- Short films
- Foreign productions
- Recording and editing
- Film schools
- Rental houses
- And more
Here is an example: A production company leases a studio for filming of commercials. During a filming part of the riggings falls on an employee of one of the advertisers causing major injuries. The employee medical expenses are $750,000 and $200,000 for two years of lost work. The production company had a primary commercial liability policy with limits of $500,000 and an Umbrella with a limit of $1,000,000. The Umbrella policy covered $450,000 of the excess claim.
It is true that Umbrella Insurance may not be for every firm, but if you are building financial resources for your company’s future, Umbrella coverage needs to be part of the plan.
MovieInsure.com offers a wide variety of A-rated, Admitted and Non-Admitted insurance companies for our clients to choose from. We only deal with companies that are on the Insurance Commissioner’s approved list.