THE SHOW MUST GO ON
The entertainment and film industry has a great impact on the human world. Youth today are getting attracted to the film industry and many of them have a crush, ideal as Bollywood celebrities.
Reel's life is different from Real life. Every common person for his/her safety takes insurance may it be fire, life, or health insurance, the same way the film industry also needs insurance. Many of us are unaware of this not only human life but items too need to be insured, one of them is the film industry where movies are insured. Yes shocked but it's true.
The bigger and the larger movies on screen need to be insured. The insurance is secured from the unwanted circumstances during the shoots like the health of actors, the death of crew members, and many more. The policy as it differs from company to company, the same way the film insurance policy varies from movie to movie.
Film insurance policy is the same as health policy, as health insurance helps us with unwanted diseases or unseen illnesses and takes care of our hospitalization the same way the film insurance takes care of uncalled circumstances during the shoots with the lump sum amount.
As an organization or a business can’t work with a single person, the same way making a film is not a job of one man but it is works were several parties like story writer, producer, director, actor. The financial investor invests a lot of money in movies, and if due to any reason if the shoot has to suffer (reason stated above) it’s having a proper insurance policy helps to recover such losses.
In COVID19, even our film industry has to go for lockdown, whereas no two films can have the same policy. Like every policy, the film insurance policy also covers a few things like property, legal, and contractual.
The property part safeguards the production house against the unwanted loss of assets and types of equipment. Legal protection includes all the losses including physical injury to the parties in the shoot, parties involved in certain agreements or contracts, unwanted circumstances, and many more.
There are various types of policies :
- PUBLIC LIABILITY: Insurance for public and their property in short insurance of production house dure production.
- WORKMEN POLICY: Loss due to bodily injury, death of workmen employed in the film shoot.A
- ACCIDENT POLICY: Policy for the accident causes of the film team
Since 1931, the Bollywood industry has been in trend, there are more than 67k movies in 30 different languages. The industry draws revenue of 45 billion (estimated amount). Till the news of Bahubali, the film industry was unaware of the insurance policy.
Many people think insurance does nothing but increases the budget which is wrong and should be changed.
It’s better to cover risks with insurance rather than incurring losses. However, the insurance companies have to be aware and on their toes from cunning film producers.
Insurance is a safety jacket to safeguard us from unwanted risks.
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