About Cast Insurance
Cast insurance reimburses the production company for down-time and additional expenses caused by the death, illness or injury of a key person who is vital to the completion of the project. Production companies usually place cast coverage on the director, director of photography and main artists with the largest number of filming days, to avoid incurring a financial loss that could result from delay or abandonment of production.
Securing Cast Insurance: 3 Hurdles to Approval
Cast insurance involves a multi-layered process that requires review and approval by the underwriter. The first step is to provide the insurance company with a list of key people which includes the director, director of photography and key actors. This will initiate the following:
1. Accident Only Coverage Once the insurance company receives the list, the individuals are covered for "accident only" coverage. This will provide coverage if the production delay is caused by an accident or injury to declared person. It will not cover delays caused by a declared artist's illness until the full cast exam is received and approve by the insurance company.
2. Cast Examinations Medical exams are typically required on key individuals. A cast insurance medical form must be completed at the time of the physical exam. The first part is a list of questions that the artist must answer and the second portion is for the physician to complete. Any licensed physician, other than the artist's personal physician, can perform the exam. There are also specific doctors in many major cities that specialize in cast exams. Requirements and number of artists allowed vary with each insurance company.
3. Full Coverage The underwriter will review and approve the artists for full cast coverage, which includes accidents, illnesses, and death based upon the information in the medical exam reports. Sometimes the approval will include exclusions due to medical conditions or lifestyle habits. These exclusions may require more in-depth conversations between the insurance company and the physician.
Coverage in Action
One of the lead actors in a production broke his ankle during pre-production rehearsals. To accommodate the healing process, changes had to be made in the shooting schedule causing various costs, such as location changes fees, personnel holds, animatic and visual effects. The insurance company paid $4.2 million less the deductible.
Download the PDF and contact a HUB Entertainment expert to learn more about cast insurance today.