Lights, camera, action! It is not always the case, especially when it comes to on-set and off-set disasters that can affect a movie getting made and have high insurance risks. For a large budget movie, halting production can cost upwards of $250,000 US dollars in losses per day making insurance absolutely critical in the movie business and producers are the ones who take on the responsibility.
Did you know that insurance policies in Hollywood can cost in excess of $200 million US dollars annually? Or that insurance premiums can vary from one percent to four percent of the budget of an entire movie? Cast insurance for a $100 million dollar movie might typically cost $350,000 US dollars for 10 to 12 actors, however, if one is a problem actor and the insurance company rules them a ‘risk,’ this can increase substantially to anywhere from $700,000 US dollars, to one million US dollars.
Have a look at this infographic produced by Easy Life Cover for more insights.