Film Insurance could be a new word for many in South Indian industry. It has been in existence with Bollywood for years and has now started to spread in South Indian film Industry. In fact, Baahubali might be the first one to Ensure their film in South India.
Film Insurance covers the damages occurred to the film properties like camera, sets and other stuff used during the shooting, including loss occurred due to postponement or cancellation of the shoot due to the absence of any artist due to illness or accident. The policy wouldn’t cover the loss owing to any political threats.
As per Mr. K G Krishnamoorthy, the CEO of Future Generali Insurance Company who have insured Baahubali, the premium of a film will depend on the risk expected and the budget of the film. A policy can be issued for more than a year and if the shooting is not completed within the policy time, the same can be extended.
The insurance firm takes a call on the insurance to be provided to a certain film based on the duration of the shoot, the locations of the filmmaking, artists involved and cost per day for the shoot etc. About 0.50% to 0.70% of the sum insured would be charged as a premium for the film. The claims of the insurance are paid immediately with the paperwork in place. South is now being focused on, for promoting the Film Insurance as said by K G Krishnamoorthy.
