Yes, films too can be insured. Film insurance, refers to insuring the film against unforeseen incidents like illness of an actor or occurrence of natural calamities leading to delays in the film schedule. It can also include coverage against accidents that damage equipment while shooting is in process.
Why does a film need insurance?
Film-making involves a series of activities in which a number of parties, both external and internal are involved. The involvement of so many people and processes in the making of a film lead to several uncertainties. In fact, big budget films in India are known to well overshoot their original release schedule. Insurance enables the producer to mitigate the risks involved in making the film to some extent.
How long has film insurance been in existence in India?
Film insurance is a new concept to the Indian film industry which is just getting used to the idea of a corporatised setup. Since film financing is easier if insurance is taken, only now have films like Lagaan and Taal taken film insurance.
Courtesy - Television Point
Thursday, February 19, 2009
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