The following types of film-specific insurance are available in Austria:
Insurance of film negatives: against destruction, theft and/or other loss; coverage of the entire costs of production. Restoration costs resulting from damage to the film due to camera, transport, copy-work damage, as well as damage from mechanical and electronic cutting or erasure of videotapes will be refunded. Same applies to the insurance of film positives.
Cancellation insurance covers damage to assets resulting from disturbances or interruptions of the production due to illness, accident or death of persons participating in the making of the film (directors, actors) and refunds additional costs or, in the case of cessation of the production due to cancellation, the production costs accumulated up until such time.
Accident insurance is a type of personal insurance protecting against the specific consequences of an accident. Next to individual risk coverage, the entire crew, including actors and extras can be covered under an accident insurance policy. Premiums are based on the type of risk situation.
Other types of insurance policies available include those covering fire, operational interruption due to fire, break-in theft and transport.
Only a few Austrian insurance companies offer film insurance in the narrower sense of the term, due to the industry-specific risks involved. It is therefore recommended to contact a good, certified insurance agent.
Third party liability insurance protects the policy holder from losing personal assets to satisfy third-party claims. Generally, total production costs determine the amount of the premium for third-party liability insurance for film producers.
The producer may choose either to take out a blanket insurance policy for all film projects (all are insured without each one having to be registered individually) or to conclude an individual contract for each project (in which case, each project must be registered individually). Generally, liability insurance coverage does not include air travel or automobile races conducted for filming purposes, nor does it include damage to property, interior spaces and buildings used for filming. Other liability claims normally precluded from insurance coverage include damage resulting from acrobatic performances and those arising from development or other processing of film stock.
Props and lighting insurance covers the risk of damage to or loss of props (e.g. costumes, furniture, pictures). Artistic objects of greater value can be insured via special policy clauses.
Film equipment insurance covers the risk of damage to or loss of film equipment (cameras, cassettes, lenses, light-meters, cables, sound and lighting equipment, etc.).
Errors and omission insurance policies and Completion Bonds are not directly available in Austria at the present time. In case of errors and omission insurance, it is recommended that international production companies arrange for such a precaution in their home country. Completion bonds can be arranged by the Austrian production company.
Location Austria wishes to thank Thomas Wallentin, attorney at law (Kunz Schima Wallentin Attorneys KEG), for preparing the preceding chapter.