In the entertainment industry owners / operators of theatre experience a wide variety of risk factors that damage their assets . However theatre insurance risk management is a method to minimize this risk . A full Theatre Insurance Policy will include employers’ liability insurance and public liability insurance as standard. Some of these contents might tour with the theatre group and will thus need to be considered in Insurance arrangements.
It is important to know that there are four essential parts of any theatre insurance policy.
THE ESSENTIAL ASPECTS FOR THEATRE INSURANCE RISK MANAGEMENT AGREEMENT :
• Start with the Insuring agreement for Theatre insurance however to ensure risk management . Here the Insurance company tells the insurer, what they are insuring. Agreement, which is usually short and precise, certain words are often identified with italics/bold/capital letters. Policies use these as a way of telling the readers that these words have a broader meaning and are defined elsewhere in the policy.
Definitions broaden a single word or words beyond the common use, to define what it means in your policy. Using definitions makes reading the policy, less repetitive and easier to read.
• Read the exclusion – In this section, your coverage is shaped and defined and the Insurance company tells you what will not be covered by the policy. Some insurance companies have this under a section referred to as “what is not covered” or “causes of loss not covered”.
• Look for endorsement – However Endorsements are used by insurance companies to modify their standard policies. They can usually be found listed in the front section of your policy known as “policy declarations “. They can broaden as well as restrict your coverage.
THEATRE INSURANCE RISK MANAGEMENT COVERAGE OPTIONS :
The companies customize Theatre Insurance policies to fit your unique exposures. From people, property, and production to administrations and financing, all things come under the canopy of theatrical insurance.
Firstly , General liability coverage – This coverage protects the insured, against claims of bodily injury and property damage .
Secondly , Theatrical property coverage – This includes lighting and stage equipment, props, sets, and wardrobe.
Directors’ and Officers’ liability . Business Interruption coverage – This coverage reimburses you for any extra expenses including loss of income and employee salaries during the reconstruction period due to a covered loss until you are back on stage.
Owned/Non-owned/Hired automobiles Liability .This protects you against claims of bodily injury or property damage caused by owned/rented vehicles, equipment trucks, or employees’ personal cars while being used on behalf of the theatres.
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Theatrical Production Coverage Solutions Nutshell
Firstly , Property & Casualty Solutions
Secondly , Accident & Health Solutions
Thirdly , Financial Lines Liability Solutions
Finally , International Solutions
encoreinsure offers the following types of insurance to clients:
Protects your legal liability to any third party (not employees) in respect of allegations of bodily injury or disease sustained by said third party, or damage to their property occurring during the period of Insurance as a result of or connected to your business activities.
The policy offers limits of £1,000,000, £2,000,000, £5,000,000 and £10,000,000. An excess of £100 will apply to each and every claim in respect of damage to third party property.
Public liability cover also extends to include flyering and promotional activities outdoors.
Please note that Public Liability cover is a compulsory section of any quotation or policy purchased. For full cover details, please click here.
Protects your legal liability in respect of allegations of bodily injury or disease sustained by your employees (including but not limited to freelancers, volunteers and unpaid performers) during the period of insurance as a result of or connected to your business activities.
Please note that Employers Liability is a legal requirement in the United Kingdom.
The policy provides a limit of £10,000,000.
Accidental loss of or damage (including theft) to the insured property whilst at the venue(s), rehearsal location(s) or whilst in transit there to or there from.
Covering Theatrical Property, typically but not limited to; sets, props, wardrobe, instruments, sound and lighting equipment (including that which you hire).
Above all , Cover can be purchased for Premises, UK, Europe or Worldwide and the maximum sum insured is £1,000,000.
Referred to as ‘Increase in Cost of Working’ (ICOW), this represents the increased costs you incur after a Property Damage loss at your office premises. These will generally include any reasonable additional or increased costs expended to maintain your normal business operations.
Limits of £10,000, £25,000 or £50,000 are available.
Money Cover enables you to insure any money which you may have on your premises, at a venue(s)/rehearsal space(s) or in transit. If you have money in an overnight safe, or have employees who handle money or take it to the bank, then Money Cover should be considered.
However ,Limits available are £500, £1,000, £2,500 or £5,000 and the excess is £50.
Cancellation Insurance will protect you for any costs and expenses incurred up to a maximum of your chosen ‘Limit’ should your production be necessarily cancelled, abandoned, postponed, interrupted or relocated due to circumstances beyond your control. Limit options are £1,000, £2,000, £5,000 or £10,000.
However ,The excess on this policy is £100.
For full cover details, please click here.
Terrorism Insurance will protect you for loss of property (whether it is your own property or that which you hire or borrow) caused by damage due to an act of terrorism anywhere in the geographical limits outlined in your policy schedule.GET A QUOTE
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