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The COVID-19 pandemic changed the way people consume entertainment and events – in-person concerts, movies, theater, and festivals shut down, while streaming services boomed. Even as production resumes and in-person entertainment returns, consumers may continue to blend at-home and live experiences. Media and entertainment companies are identifying new ways to engage consumers regardless of their location and generate record revenues once again.
The increasing pressure to deliver consumable content regularly on a global and localized basis means that the risks involved are potentially massive. Whether it's a series of on-set accidents, artist no-shows, or sudden catastrophic disasters of the natural or human-caused variety, unforeseen adverse events such as the COVID-19 pandemic can cripple organizations' bottom lines if they aren't accounted for in comprehensive contingency plans.
Marsh's entertainment industry specialists have worked with the owners, organizers, and stakeholders for some of the world's major event promoters, production companies, and media organizations. Our experience working with these clients to develop entertainment insurance and risk mitigation plans can help your organization pursue the necessary financial protection and resilience against countless unexpected events.
Entertainment is an incredibly multifaceted sector, so it naturally follows that the spectrum of risks associated with the field is similarly broad and complex.
For example, a film production could experience delays that necessitate reshoots and otherwise cause the picture's financial backers, cast, and crew to lose money. Along completely different lines, a news organization or periodical could unknowingly report false information and thus open itself up to libel lawsuits.
Elsewhere, in live entertainment, costs and liabilities can pile up as a result of misfortunes affecting audience members, performers, sponsors, the event site itself (e.g., adverse weather conditions), structures or vehicles involved in the event, and so on. Other uncommon, but not unprecedented hazards include animal mortality, equine liability, performers' failure to appear, political risk, and even kidnapping or terrorism.
The specifics of entertainment insurance depend on the organization looking to be insured and the terms and conditions offered by insurers. That said, most packages center around property, casualty, workers' compensation, and liability insurance that covers the individuals, property, and locales involved in the entertainment.
Travel insurance is another common component of entertainment insurance, given how often actors, musicians, and other performers must fly all over the world to ply their respective trades. Other coverages for specialized risks unique to certain productions or events may be added as riders to a policy on a case-by-case basis.
Entertainers insurance is intended for artists and performers, rather than the organizations that employ them or contract their services. It can either cover individuals (i.e., actors, dancers, comedians) or groups (i.e., touring bands, theater troupes). Even performing animals can be covered with entertainers insurance.
This type of coverage can take many forms. Property and casualty solutions for entertainers can include workers' compensation, vehicle insurance, builders risk, and umbrella/excess casualty coverage. Financial liability lines (for fiduciary, media, cyber, crime, and kidnap ransom/extortion liability) may also be available, along with specialized accident and health insurance, or coverage applicable in international jurisdictions.