Interesting article in the McPaper last week about insuring Hollywood blockbusters (and, of course, lacklusters):
"Most independent producers and even some big studios won't touch a film unless it's insured against potential problems including production delays from injured or incapacitated actors, bad weather, equipment breakdown or damage to essential elements of a film."
Special Risk policies are generally the province of our P&C brethren, and run the gamut from hole-in-one cover to NASCAR events. But the discipline really encompasses a lot more, and it's pretty interesting. For example:
"Independent films need to have these policies to land a different kind of protection, called a completion bond, that compensates backers if the movie doesn't come in on time and on budget. These bonds can account for an additional 2% of a film's costs" Who knew?
So now I can't wait for the new action-packed epic, Indiana Jones and the Underwriters of Doom.
PERSONAL UPDATE: Thank You to all our readers for your kind words and well wishes in the aftermath of my unfortunate accident. I had my surgery yesterday afternoon, and seem to be on the road to recovery (Percoset is good!).