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This webinar on media and entertainment insurance features Juliet Williams as moderator, with expert speakers Laura Hancock from Yutree Underwriting and Ian McDonald from McLarens Loss Adjusters. The session covers the broad and complex nature of the sector, including media trades, entertainment trades, and live events, emphasising the intricate contractual relationships and interdependencies that influence risk and claims.
Key challenges discussed include the pandemic’s impact, industry strikes, budget constraints, and the rapid advancement of AI affecting creative processes. Ian McDonald provides detailed insights into the high-value, specialized equipment used in the sector, highlighting insurance considerations such as tenant improvements, security, and technological obsolescence.
Specialist insurance covers tailored to the sector are explained, including worldwide transit, alternative hire charges, and production indemnity. Real claims examples illustrate the complexities faced, such as modular LED screen damage, equipment theft, and asbestos contamination leading to business interruption. Fraudulent hire risks from international syndicates and local gangs are also addressed, underscoring the need for stringent ID checks and hire conditions.
The speakers identify common broker pitfalls, notably underestimating business interruption durations and insufficient equipment valuation. They advocate for thorough client scrutiny, understanding evolving sector risks, and leveraging specialist expertise to ensure appropriate coverage and effective claims management. The session concludes with an invitation for brokers to engage with the specialist team for support and guidance in this dynamic sector.
