Coverage Needs for Big Budget Film Productions

Everyone involved in the entertainment industry, from producers and production companies, to film financiers and film distributors, are under constant pressure to produce outstanding products. Movies nowadays have the ability to top one billion dollars in sales word-wide, so imagine the enormous amount of risk that comes with seeing these projects to fruition. You need to provide your client with the type of flexibility and expertise needed to deal with any issues that could come their way, including many unexpected exposures.

For legal and contractual reasons, as well as the protection of a lot of valuable property, production insurance is definitely vital to the financing of these projects. Without insurance, the risks include public safety, equipment damage, concerns over private and public property, and the safety of the cast and crew.

The amount of insurance should equal the risk

The type of policy your client will need will depend on the type of project they plan to produce. If, for example, they’re making a simple music video, that type of policy will differ substantially from someone making a feature film. There are three common types of coverage generally acquired: short-term, a DICE insurance policy, (DICE stands for “Documentaries, Industrial Films, Commercials and Educational Films”) and an annual policy, which covers an entire year of production.

Short-term policies are used for a single production, such as a commercial. A DICE insurance policy is used for several projects during any given year. Any film projects spanning several months will often require an annual policy.

Once it has been determined which policy addresses your client’s needs, each production insurance policy purchased will need to offer protection in the form of general liability (GL), equipment insurance, and errors and omissions (E&O). The GL will cover for damage to the filming location, along with any injury or harm that may befall those present that are not a part of the production and not working on the film.

The equipment insurance provides cover for any and all film equipment used in the film making process and will cover loss, damage, or theft of any rented or owned equipment. The E&O insurance policy protects against any lawsuit alleging unauthorized usage of titles, copyrighted materials, ideas, formats, characters, plots, plagiarism, unfair competition, defamation or invasion of privacy. We suggest having an entertainment lawyer review the script, along with all clearances and releases to ensure compliance.

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Boating Safety Should Be A Priority

There are certain responsibilities that come with owning a yacht. Weather can be a serious factor as to just how safe it is to be boating, particularly during months when the seas can be most difficult to maneuver. Aside from the unpredictable nature of the weather, there is also the need for an understanding of international maritime laws.

Yacht insurance in Newport Beach will cover damage occurring to the physical hull of the ship, but first party and third party liabilities may contain various coverage exclusions, such as territorial limitations that determine where you can sail your vessel.

There has been an increase in the sales of yachts in the mega-size class, and with more people sailing the waters there comes more potential for incidents and accidents to occur. Safety is perhaps the best tool for dealing with concerns regarding hazards both on land and in the water.

Things to do before heading out to sea

Check every working part of your yacht to ensure that your personal watercraft is operating properly before heading out onto the water. You should be following a pre-departure checklist every time, before sailing, to help avoid any potential problems that could spring up.

Check your engine, looking for any signs of fuel or fluid leakage, as well as possible excess water in the bilge, the lowest section inside of your boat. For outboard engines, check the fuel system for leaks or the heavy odor of gas. Excessive fuel vapors can be a sign that a serious problem has developed.

Also, check fuel levels, ensure that all lights are functioning and in place, and check for any electrical issues such as loose, disconnected or corroded conductors or wires. Check the local weather report, any sea reports and boating forecasts. As the operator of the boat, you have a duty to pay attention to any potential for bad weather and should never head out if adverse conditions are expected.

Finally, test radio/communications devices to be sure they are fully functional and have an emergency and/or evacuation plan in place that should be gone over with your passengers. Have a good time while out on the water and always carry yacht insurance in Newport Beach for those times when issues occur that need to be addressed.

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Life Insurance That Provides Valuable Options

Often, those in the market looking to buy insurance may opt for a single premium life insurance policy. Why, you might ask? Well, as compared to a traditional or a whole life insurance policy where you pay insurance premiums at periodic intervals, this allows for a onetime payment solution for those who do not wish to have to make periodic payments over time.

Once the single premium payment has been made, you now become the owner of this policy containing a specific death benefit. You will not have to worry about making any further payments or be concerned with a lapse of your policy in case you forget to make any scheduled payments. Most major insurers provide single premium life insurance policies for the benefit of their customers and you can use the assistance of an agent to help you find out which avenue may work best for you.

Other advantages to a single premium policy

As the policyholder, you can obtain loans against your policy once the cash value reaches a certain pre-determined amount. You can also take a policy loan out at little or no cost, since your insurer can use income on funds invested to offset the interest charged to you as a borrower.

If you happen to have a significant amount of cash to invest or heirs you want to make sure will be well taken care of, compare single-premium life to investing in an annuity. Keep in mind that under this policy your beneficiaries will receive the death benefit free of income taxes. With an annuity, your beneficiaries must include any benefits in their taxable income.

There is still yet another option that might be available to you. If you have an older permanent life insurance policy that you no longer want to pay premiums on, instead of letting the policy lapse, thereby losing your cash value, you can likely roll your cash value amount into a single-premium life insurance policy.

Some single premium policies include long-term care benefits that allow you to withdraw the policy’s cash value without having to pay income taxes on it if you require long-term care services. Speak to your agent about the benefits of a single premium life insurance policy so you can make an informed decision on making this valuable purchase.

 

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Directors & Officers vs Errors & Omissions Coverage

As a business choosing the right types of liability insurance can be important. Especially if you’re looking as directors and officers coverage vs errors and omissions (d&o vs e&o). Both coverage types can protect your company, however they are not the same policies. Keep reading to learn a bit about what each covers so you can choose the right type for your insurance needs.

Directors and officers coverage is designed to protects the main management of a company from any allegations that may arise due to management decisions. This type of coverage may also be referred to as management liability. These policies apply only to the management team of a company and not the business in general.

Errors and omissions coverage, on the other hand, protects the business in the event an allegation is made that the company failed to provide a service, or that the service provided in some way led to loss or damage to the client or their assets. This coverage can help protect against mistakes, such as lost paperwork, that may lead to potential lawsuits.

When choosing between d&o vs e&o insurance policies it’s important to keep in mind the coverage needs of your business. In some cases it may even be a good idea to invest in both. If you have any questions your insurance agent can help.

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Tips for Making Your Small Business a Success

Small business growth is starting to take off again in the U.S., which should be encouraging news to someone who’s just starting out. But if you want your company to join the growing number of successful small businesses, you’ll want to implement some key best practices in order to make sure your ship will rise with the tide.

First, you’ll want to make sure your online data is secure. With cyberattacks a constant worry, it’s important that your software is updated regularly, and that you are current with the latest in technology security. Your company’s software can be patched if any flaws are found in your security.

It’s also important for your small business to have a coherent strategy for online marketing and branding. Your online presence can be critical to your success. You’ll want to make sure to cover multiple channels, from creating a professional, informative homepage to having a strong visibility on social media and maintaining consistent email marketing campaigns.

As your business grows, it’s critical to make sure your administrative practices keep pace. Successful small businesses need to have organized systems in place to track things like employee pay, finances, and compliance. There is a wide variety of software available to keep track of all of these detail and make them readily available in digital form. Spend the time to research and select a solution that best fits your company’s needs.

Lastly, it’s a good idea to maintain the services of a professional to stay abreast of changes in legal and tax code. Having a good understanding of the ever-changing legal landscape will help you stay ahead of the game.

With these tips in mind, you will be well on your way to maintaining and growing a solid, successful company.

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How To Prevent Theft at Your Yacht Club

If you run a marina or yacht club, you’re likely used to handling expensive property on a daily basis. With so many boats and services available to members, there is probably a lot about your establishment that is appealing to potential thieves. While a good insurance policy with marina liability coverage may be able to help, there are some things you can do to prevent theft before it happens.

Prevention should start with individual boat owners and staff members. You can make a point to remind members of proper procedures when they leave their boats and possessions, as well as ask that any suspicious activity be reported. You can also give a brief refresher of security policies for your staff at regular intervals.

If you don’t have a security system in place, you may want to consider one. Installing cameras and lights can go a long way in deterring thieves, though storage is another aspect to consider. Make sure boats can’t be easily placed on a trailer. Locking gates and trailers as well as blocking boats in can also make theft more difficult.

While theft might not be completely unavoidable, you can certainly make it more difficult with little effort on your part. If theft does occur, make sure you’re insured with marina liability coverage so that the situation can be rectified quickly.

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Protect Your Trucking Company Today

As a business owner, you probably don’t brag about your insurance coverage, but that doesn’t mean it doesn’t play an important part in the success of your company. It’s a fact of life that every business operation faces risks that could to shut it down, from the generic to the industry-specific. By taking advantage of the protections offered by wholesale trucking insurance programs, you’re taking an important step towards ensuring a lawsuit won’t destroy the hard work you and your employees have put into your business.

When you think about insuring your trucking company, you probably only think about covering your trucks and their cargo. While those are important things to protect, you also need to cover the other aspects of your enterprise, including your personnel and your real property. Wholesale trucking insurance programs can provide you with the range of insurance options you need to keep your company safe from litigation, such as professional liability, workers’ compensation and contractors insurance.

You’ve worked hard to build your company to the success that it is today, so make sure you protect it by having the right insurance policies in place before you need them. Give yourself the peace of mind that comes from knowing your business is secure by reviewing your insurance package today.

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What To Expect When Filling Out a Liability Application for Contractors

Contractors professional liability insurance could prove to be a crucial part of your business operations, but the application process can seem daunting at first. There’s typically lots of information involved, but being organized can make a huge difference. Here’s what you can expect when filling out a contractors professional liability application.

The basics include the applicant name, the website for the company, and other details about the company’s history, like when it was established and the type of structure it has. You may also have to list your employees and their specializations.

Once the basic information is down, you may move into the details of the company’s revenue, including projects you didn’t complete. You may then have to break your revenues down into percent by service.

After the revenue, there may be space for pollution exposure, which can be important to fill out if this is an area of concern for your coverage. This may be followed by transportation and vehicle details.

You will also likely have to list your clients and specific projects, as well as the revenue from each. The application may ask that you point out your biggest projects. From there, you may have to answer specifics about your business operations, risk management steps and liability concerns.

If you have any other questions, the insurance agent should be more than willing to assist you with your contractors professional liability application so that you can quickly get the coverage you need.

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Miscellaneous Professional Liability Insurance Needs

Doctors and lawyers are at the forefront of those providing professional services. This extends to travel agents, real estate brokers, and accountants. Unfortunately errors and omissions in work performed can lead to litigation. A Certified Public Accountant (CPA) might be guilty of making an error that leads to a client being subjected to an audit. Any resulting litigation requires professional liability insurance, available through us risk underwriters, to help pay the costs for defense.

Any client open to such exposures will obviously benefit from having this coverage in place. Errors happen all the time, but some are more costly than others. If the issue can be rectified to the customer’s satisfaction, by filing an amended tax return to resolve the issue, that is a favorable outcome. But some problems can’t be so easily rectified. The customer may determine that their only recourse will be to sue your client for negligence. If this is the case, any acknowledgment of malpractice can certainly damage a good reputation, in addition to any serious financial damages that may be incurred.

CPA’s also have an ethical obligation

A tax preparer should be able to recognize that a mistake has been made, but in many instances they may be working on several documents at the same time. If a mistake is discovered too late, calling the client and bringing this to their attention is the proper thing to do. Accountants tend to be meticulous and take great care in their work, but some errors could result in a disgruntled customer taking legal action that may cost thousands of dollars to defend.

Hopefully the client understands that the intention was to do everything possible in their best interest, and to try to remedy the situation when things go awry. In some cases, however, the mistake may result in the IRS issuing penalties requiring necessary payments or adjustments.

CPAs and other preparers have an ethical duty with respect to any errors and omissions resulting from the work they submit. Because of the potential for malpractice damages and exposure requiring a legal defense as a result of a mistake having been made, professional liability insurance from us risk underwriters will aid your clients when they end up making costly errors on tax preparations.

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Protect Your Company From Fiduciary Claims

When your business hires employees, you take on a fiduciary duty to the people you employ. In the context of the business world, a company’s fiduciary responsibility includes things like ensuring your firm’s retirement plans and employee benefit programs act in accordance with the law. Every company that’s been around for a while has their own fiduciary liability insurance claim examples, but it’s important to remember that regardless of how it happens, you don’t have to face the specter of legal action against your company by yourself. Fiduciary liability insurance exists to protect your company from lawsuits stemming from fiduciary violations, even if the violations are the result of a third-party, such as a plan administrator.

While many fiduciary liability insurance claim examples exist, breaches of this duty generally fall into four broad topics: poor advisement, pension rights, administrator inaction and missed calculations. Mistakes on the part of your company in any one of these or other fiduciary areas, even if it’s something as mundane as an improperly notarized form, can potentially lead to a lawsuit against you or your firm. Fiduciary liability insurance can provide you with the coverage your company needs to survive these lawsuits.

You’ve worked hard to get your business where it is today, so make sure you protect your firm against claims of fiduciary failure by consulting with an insurance specialist today.

 

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