The film industry looks for risk cover

Font Size

Print

Feedback

Email

Discuss

Related Articles

It’s moment of truth for Star Plus

: shooting schedules go haywire, even if one is not a direct victim.

In fact, Bajaj Allianz received settlement claim from a production house for the aborted shooting schedule at Taj Palace Hotel. Says TA Ramalingam, head, underwriting, Bajaj Allianz General Insurance: “Post-26/11, our company has got one claim for settlement worth Rs 5-6 lakh from a film production house whose shooting was scheduled to be held at Taj Hotel.”

Harsh Varddhan, general manager, United India Insurance, says that even though the film industry has got the industry status, it is yet to become fully transparent, which is a must for insurance.

There are filmmakers like Karan Johar who have always ensured that their projects are well insured. Some new releases with insurance cover from PPC slated for this year include 8 by 10 featuring Akshay Kumar, Raftaar featuring Imran Hashmi and Bom bom bole directed by Priyadarshan, according to Shailendra Singh, managing director, PPC.

Entertainment company Shemaroo too has been providing insurance cover for its films like Manorama six feet under, Mere Baap Pahle Aap. A forthcoming film from Shemaroo with insurance cover is Ishqia which stars Arshad Warsi and Vidya Balan. Post-26/11, the company is ready to pay more in case the insurers came out with more structured products. Says Hiren Gada, Shemaroo Entertainment: “In the film production business we have to look at enhanced insurance cover, going beyond the existing norms of production cost.”

“Judicious and intelligent filmmakers have become conscious about the importance of insurance. Terror attacks will only reaffirm their belief and will educate those who were avoiding it for lack of awareness or shortage of funds,” says Krishika Lulla, director, creatives, Eros International.

Apart from its recent film with insurance cover Yuvraaj, Right ya wrong, Paying guest and Hello Darling are some of the under production films from Mukta Arts that are insured. Rahul Puri, vice-president, finance, Mukta Arts, says film insurance will definitely pick up as it has a direct link to what happened in Mumbai. However, Puri says that “we are still young in film insurance and we need to see the introduction of a few more structured products.”