Film equipment insurance is vital for anyone in the field. We cover everything you need to know to find the right policy for you.
For freelancers, your equipment is the lifeblood of your business, allowing you not only to bring projects to life but also to make a living. That’s why it’s so important that you have the proper insurance in place to make sure you are protected.
What Is Film Equipment Insurance?
As the name suggests, film equipment insurance relates to the cameras, monitors, audio equipment, and even computers that you use for your work.
It offers protection against theft, damage, or loss, and means that should the worst happen, your insurer will replace your equipment with a like-for-like equivalent.
Why Do I Need Film Equipment Insurance?
Expensive, heavy, and not particularly inconspicuous, filming equipment is prone to damage, loss, or theft. Even if you disregard the cost of your equipment, insurance is well worth having due to the nature of film and video production.
You are often in busy locations and sometimes in several different locations a day, transporting all your equipment from A to B.
Even the most careful person can have the unexpected happen under these kinds of circumstances. Having proper insurance in place means that should the unexpected happen you will be able to quickly recover costs and get back up and running sooner rather than later.
What Does A Typical Policy Cover?
As this type of insurance is industry-specific, you will usually find that it covers all technical media or film equipment as well as all kinds of risks including accidental damage.
This could range from anything like a home burglary to accidentally dropping your camera on the floor. As with any insurance policy, this can vary, so it’s important to read through the fine print to make sure you have adequate coverage for your particular kind of work and equipment.
Do I Need To Renew Film Equipment Insurance?
Film equipment insurance is usually offered annually with the option to pay the premium in one go or in monthly installments (although this can vary from company to company).
If you produce films or videos on a project-by-project basis, you can also find short-term cover that lasts only for the duration of a project. This may make more financial sense if you are not working full-time in the film industry.
What Should I Be Aware Of Or Look Out For?
Good film equipment insurance policies should always offer you the option of hire equipment in case an item is lost or stolen shortly before you are due to work on a project.
While many film equipment insurance policies are fairly extensive, you should also always double-check what security and storage requirements they have in place. For instance, while some policies will cover equipment taken from unattended vehicles, others will not.
If you sometimes work abroad, you should also look out for policies that include worldwide coverage so you don’t need to take out any extra insurance.
When it comes to how much coverage you need, you should always insure your kit for the current new replacement cost. If you use particularly rare or vintage equipment, you may need to get a valuation before you can receive coverage.
Bear in mind that to make a claim you will likely have to show proof of purchase, so make sure you keep hold of any physical or digital receipts for your filming equipment.
Where Can I Find A Good Film Equipment Insurance?
There are many specialist companies that offer film equipment insurance that can be easily found online. It’s always a good idea to get quotes from a few different companies so you can ensure you are getting the best deal.
You can also check the company’s online reviews on third-party sites like Trustpilot and ask colleagues for their own personal recommendations. If they have had a good experience (particularly if they have had to make a claim), then chances are that you will too.
In short, damage or theft of your equipment can be a huge blow to anyone working in film or video production.
Having film equipment insurance will bring you extra peace of mind, financial protection, and stop anything from getting in the way of you and your career.
With plenty of reasonably priced policies out there, it’s an investment well worth making for anyone in the film industry.