James Erne, Senior Adjuster at Spotlite Claims looks at the TV and Film production sector and how specific insurance cover is essential.
The Thursday Murder Club began shooting at the end of June, in the UK at Shepperton studios, setting the pace for a busy summer for UK film production and as well as the insurance market that is so critical to the entertainment industry’s success.
Production is also underway for Wake Up Dead Man: A Knives Out Mystery at Warner Bros Leavesden, Jurassic World 4, is filming at Sky Studios Elstree and The Magic Faraway Tree is filming in Reading. The Capital hasn’t missed out on the action, shooting in London for Bridget Jones: Mad About The Boy along with Downton Abbey 3 is also in motion.
>This is a highly specialised area of the insurance market where insurers and brokers have developed whole propositions around the film sector – from low budget to multimillion dollar productions. Vitally, a key element of this support is expert claims handling when things can and do go wrong. This summer will be no different.
There are so many moving pieces involved in filming, from cast illness to damage to sets to technology failures. It takes years of experience to understand how to best manage a claim on set. Insurance providers look to work with loss adjusters that don’t just have film industry expertise and an understanding of evolving production techniques but a proven passion for the creative process. Being on the same wavelength as the creatives who need a solution – fast – can make all the difference in a claim outcome.
The new Government is under pressure to provide committed support to the UK film industry. Despite the positive impact of the new Independent Film Tax Credit (IFTC), challenges like the cost-of-living crisis, and last year’s US industrial disputes have been hard felt and the UK film industry has been a state of crisis.
The Film Distributors’ Association (FDA) supports a targeted expenditure credit for distribution and marketing costs, to work alongside the IFTC, aiming to help independent films reach wider, more diverse audiences.
Post-pandemic, the market share of UK independent films decreased considerably to 5% in 2021 and 8% in 2022, the lowest levels since 2016 when it reached 16%.
Low budget films often require high levels of creativity, ingenuity and tenacity to see the light of day. They can also mean higher levels of risks with savings made where corners can be cut. This is again why a deep understanding of the creative process and evolving production techniques is essential for brokers and loss adjusters involved in this market.
UK film making is getting back on its feet and needs the insurance sector’s backing. We must act as enablers and supporters of the sector, not least the resourcefulness and vision behind low budget movies. In this way we can help continue the recovery of the UK film sector as whole, following record growth in 2022
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