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The average cost to produce and market a major studio movie is around $100 million, according to Investopedia, and the largest chunks of the budget usually go to paying the cast and staff, utilizing CGI and special effects and marketing. These pricey productions present a unique set of risks, and filmmakers should make sure they have solid insurance coverage in place. This could include a wide variety of policies, including general liability, property, auto, workers' comp and cybersecurity.
Another box was added to this policy checklist in 2020 with the onset of the COVID-19 pandemic. That spring, film sets shut down rapidly as lockdowns were implemented worldwide. With these shutdowns came extraordinary loss, which left many production teams scrambling to figure out whether their insurance protected them from these pandemic disruptions.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
