Chubb Insurance Company of Canada

Chubb Insurance Company of Canada

April 24, 2008 10:22 ET

Chubb Brings Film Insurance into Digital Age

Post-Production and Digital Media Among Areas Covered by New Film Producers Risk Policy

Attention: Arts/Entertainment Editor, Assignment Editor, Business/Financial Editor TORONTO, ON--(Marketwire - April 24, 2008) - Last night at the Canadian Film Centre, Chubb Insurance Company of Canada announced a new insurance policy for film producers specifically designed to address the enormous advances in filmmaking over the past decade.

"With this announcement, Chubb is continuing a tradition of understanding and anticipating the changing needs of specialty, niche markets," said Ellen J. Moore, president and CEO of Chubb Insurance Company of Canada. "What's more, the new policy builds on the market leadership Chubb has enjoyed for more than 40 years among Canada's film and television producers."

Chubb's new Film Producers Risk Policy helps pay for additional costs to complete a production when it is interrupted or has to be re-shot as a result of specific causes. Unlike traditional film policies, which insure certain losses only through principal photography, Chubb's Film Producers Risk Policy extends protection through post-production.

"This is critical," said Gene Williams, vice president of Chubb & Son and worldwide entertainment manager for Chubb Commercial Insurance, "because in modern filmmaking, principal photography and post-production often occur simultaneously."

"Chubb's new Film Producers Risk Policy is a fresh approach. It's not just a matter of minor tweaks," Williams said. "The old, traditional film policies were designed for an analog world, but we're living in a digital age. Chubb's new policy is designed for the way films are being made today."

Among the additional costs insured by the new policy are those caused by:

* Loss or damage to any medium or device used to record or store sounds or images;
* Damage to property used in the production;
* Mechanical breakdown of equipment, animatronics, boats, aircraft, etc.;
* Illness or injury of cast members or their immediate family;
* Loss of power, communication or other utilities or services; and
* Seizure or quarantine of property by government or military authority.

"In providing such comprehensive protection against the risks facing today's film producers, Chubb is proud to be an important ally for an industry that's so important to Canada's culture and identity," added Moore.

The policy also protects against the cost of repairing or replacing lost or damaged property, including production equipment, props, sets, wardrobe and animals, and the producer's legal liability for damage to property of others.

Available for producers of feature films, television, commercials, music videos, educational or corporate films, the policy features enhancements such as:

* Cast insurance without age or childhood disease exclusions;
* A blanket limit for undeclared cast or crew members;
* Insurance for damage to media from X-rays, magnetic fields or temperature extremes;
* Insurance for losses caused by malicious computer programming.

Chubb Insurance Company of Canada has offices in Toronto, Montreal, Vancouver, and Calgary and employs an exclusive network of more than 200 brokers across Canada.

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.

/For further information: For information please visit http://chubbinsurance.com/journalists/FilmProducersRiskPolicy/./ IN: ENTERTAINMENT, FINANCE

Contact Information

  • Michael Corcoran, Calexis Advertising
    Primary Phone: 416-529-5709
    E-mail: mike@calexis.com