There’s a creeping horror that wakes film, animation and TV Producers in a cold sweat!
Its name is Errors and Omissions!
Okay, it’s not exactly Freddy Krueger but this threat is most definitely real! And in many cases Producers think that their general insurance policy already covers them for Errors and Omissions insurance.
Let’s set the scene; it’s a dark lonely night in an editing booth somewhere in the UK. A Producer has just put the finishing touches to his film, TV programme or animation and it’s ready to be distributed. As soon as he does that he’s at risk! Broadcasters, Distributors and Financiers expect the Producer to insure against what would be classed as an error or omission.
• Infringement of any intellectual property rights
• Misuse of information
• Defamation, libel, slander
• Breach of confidence or infringement of privacy rights
It might be a brand logo that no-one spotted in the background of a shot or the faint snippet of a famous song during a scene. If anything like this occurs it’s the Producer that could pay the price! Slick production management won’t save someone from an error or omission and, without cover, a trip to court can be very costly.
• Buy it at the planning stages of production. If a claim arises before delivery any costs will be the producer’s responsibility.
• Remember, the excess on E&O claims can be a lot higher than other commercial policies.
• Complete a proposal form listing requirements and clearance procedures before cover begins. If these haven’t been followed cover can be revoked or refused.
And here’s one more piece of advice; If you hear a noise in the basement during a thunderstorm DON’T go down there! It never ends well!
Axe wielding maniacs are few and far between in the media business, at least in our experience, but the horror of errors and omissions is very real. So avoid it!