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Is Event Insurance Crampng Your Style?

 
 
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Carib Goodies
Carib Goodies
ID: 182744
Posts: 1739
Date: 2007-05-19 20:50
Two weeks ago I received a notice in the mail that my event insurance premium would be raised by $223 per location shoot!

This is the first increase I have had in 15 years. I have also never had an accident on set in 25 years so I have never made a claim against the policy. The letter says that due to increased claims and industry wide insurance losses they had to do an actuarial reassessment.

Industry-wide insurance losses? Am I paying for hurricanes, floods and fires?

My main question is: Have other photographers seen increases in their event insurance rates? How is this being absorbed in the cost of doing business? With the advent of digital photography and the rash of new freelancers the price that clients are willing to pay for a shoot has been dropping over the last decade. How does one balance out those increasing costs? Dropping the insurance is not an option. Heaven forbid someone ever gets hurt on one of my shoots, I want them covered to the max. Do we end up cutting the rate that we pay models? Muas? Grips? The only area that can be cut and maintain a profit margin is on the human side. Does anyone know what is going on with this insurance thing? How do you solve the problem? :(
:cantlook: Have faith that the universe will unfold as it should :cool:

Mark Hiatt
Mark Hiatt
ID: 190301
Posts: 20
Date: 2007-05-20 09:56
More and more of us are seeing them. I think it's just a way for the insurance companies to get more money. I've had my rates go up after a house fire. I used the same insurance company for my homeowner's, car, event, and small business insurance. After the fire, all my rates went up. I now use different companies for each of my needs. The fire didn't affect my driving. It didn't affect the way I photograph. It didn't affect my studio. It only affected my home (which only had 18% damage structural, and was easily repaired). I now refuse to hide all my eggs in the same basket anymore.

Mark H.

PS. I had the fire almost out by the time the fire dept got there.

Carib Goodies
Carib Goodies
ID: 182744
Posts: 1739
Date: 2007-05-20 12:57
I'm glad you were not hurt by the fire. Dangerous things, them flames is. I tried shopping around for event insurance but our market is so small here that only Lloyds of London is licensed to write that kind of insurance locally. The good thing about their insurance is that technically I am covered even when shooting anywhere in the United States. Corresponding medical is a problem when travelling as it is anywhere in the nation now. If I have a model needing to go to the hospital, unless it is immediate emergency care, it has to be a hospital within the 'network'. Out of network hospitals one has to phone for permission first. The business is getting quite eerie.
:cantlook: Have faith that the universe will unfold as it should :cool:

Mike Jones
Mike Jones
ID: 199345
Posts: 391
Date: 2007-07-18 09:59
Carib, I work in the insurance industry, well actually in the IT dept of an insurance Co. We don't offer event insurance, but I assume that it is similar to public liability insurance. This is most likely not being affected in anyway from claims against property losses as you suggest.
My guess is that it is being driven by the increased number of people suing others for damages. It seems that every other TV advert these days is a lawyer encouraging you to sue other people for negligence. Most of these claims are then paid out by the Insurance Companies. Hence, the need for them to increase their premiums. An actuaries job is to ensure that the company makes a profit, after all they are not a charity, but at the same time in the competitive insurance market they must also ensure that the rates are low enough to compete with other Insurance Companies. This tends to ensure that the premiums are well regulated and you are getting a fair price of the risk you are off loading.
It feels like you are getting ripped off if you pay a premium for years and years but never claim. But God forbid you ever cause a model to have a serious accident, then you will be more than happy that the huge bill for damages is picked up by your insurer. That's much better than the alternative - possible bankruptcy.

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Total results: 4
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