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Home » First Comprehensive Insurance and Risk Management Guidebook Introduced at AICP Week

First Comprehensive Insurance and Risk Management Guidebook Introduced at AICP Week

ProSight Specialty® Insurance (“ProSight”), a global specialty insurance carrier in the film and live events industries, today unveiled Ad Counsel: Bridging the Gap of Insurance Wisdom for Today’s Commercial Producer, the first-ever comprehensive insurance and risk management guidebook tailored to the specific needs of commercial producers, at AICP Week in New York City. Produced in conjunction with AICP, Ad Counsel delivers on the organizations’ common mission to educate commercial producers on how to protect their businesses in circumstances that are becoming trickier each year.

“We are thrilled to work with ProSight to help the AICP membership understand and deal with one of their most vexing challenges: liability protection,” said Matt Miller, President and CEO of AICP. “Ad Counsel is a tool that will help our members prevent claims, minimize out-of-pocket costs, mitigate potential legal action and more effectively run their businesses.”

Today, AICP’s membership, which encompasses companies that produce 85 percent of all domestic commercials aired nationally, conducts business in an increasingly complex environment fraught with legal and operational risk. Directors are calling for riskier stunts, sophisticated digital technologies and special effects capabilities are creating more avenues for potential intellectual property violations and the sheer value of the assets involved in a shoot has skyrocketed over the past decade. Under pressure to execute projects in shorter timeframes with fewer resources, producers are hard-pressed to find the time to keep up with the particulars of insuring productions even though the chances of mishap are greater than ever.

With the release of Ad Counsel, AICP and ProSight have taken a significant step towards fulfilling the industry’s dire need for a resource that can fill this knowledge gap.

“We are proud to work with AICP to channel our respective knowledge bases into this one-of-a-kind handbook that will educate producers on insurance and risk management best practices,” said Kevin Topper, Vice President, Commercial Media at ProSight.

The content of Ad Counsel was fueled by insights from the unique perspective of AICP’s leadership and ProSight’s extensive experience in underwriting production insurance for large-scale film and digital ads. Over the past four decades, AICP has seen firsthand a dramatic evolution in the role insurance plays in producing a commercial. With knowledge gleaned from insuring hundreds of commercial production companies, ProSight brings unique expertise in insuring these types of initiatives, which often utilize specialized equipment and expensive machinery in potentially perilous settings.

Ad Counsel begins with an overview of the insurance and risk management challenges encountered by today’s producer. It then delves into the types of policies frequently utilized to insure commercial productions, what and how much coverage to buy and when and the limitations of insurance. The guidebook also examines the principles of contracts and delivers tips on negotiating mutually beneficial terms. It concludes with a broad look at how to create a safe work environment in a commercial producer’s day-to-day operations. It is ultimately designed for producers with all levels of expertise on the subject, from insurance novices to those with experience insuring productions of this kind.

Ad Counsel is available for free download at the AICP-ProSight joint website at http://aicp.prosightspecialty.com/home/ad-counsel/

About AICP
Founded in 1972, the AICP represents, exclusively, the interests of United States companies that specialize in producing commercials in various media—film, video, digital—for advertisers and agencies. The association, with national offices in New York and Los Angeles as well as eight regional offices, serves as a strong collective voice for this $5-plus billion industry, disseminating information; representing the production industry within the advertising community, in business circles, in labor negotiations and before governmental officials; developing industry standards and tools; providing professional development; and marketing American production.

About ProSight
ProSight Specialty Insurance was founded by CEO Joseph Beneducci in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers. More information about ProSight Specialty Insurance and its member insurers can be found at http://www.prosightspecialty.com.

About Dan Ochiva

New York City-based journalist and NYCPPNEWS founder Dan Ochiva writes and consults on film, video, and digital media technology.

Community & Partner Links

How Sony’s New Virtual Sound Technology Can Change How We Hear Films

Kami Asgar and Jessica Parks are post-production heavyweights who work with major studios, namely Sony. As a sound designer (Asgar) and as a post executive (Parks), their collective resume touches on everything from Apocalypto to Grandma’s Boy to Venom.

Parks has recently shifted her focus from supervisor to hands-on sound design, and we talk about how it’s never too late to pivot on your career path and find the thing you love doing wherever you are in life.

Click on this link to read the rest of the article on No Film School’s site.

NJ – Governor Murphy signs $14B Incentive Program Bill – the NJ Economic Recovery Act of 2020

 Film tax credits — amending existing programs to include provisions for so-called New Jersey film partners and New Jersey film-lease partners and allowing an additional $200 million of tax credits annually over 13 years.

Click this link if you want to read the full article on the Lexology site. http://bit.ly/35NtDx6

Film Commish announces date for production restart

In her December 18, 2020 news update, MOME Commissioner Anne del Castillo announced that the Film Office is now accepting permit applications for production activity that begins on July 27th.

She also announced awards now (Awkwafina) and more. To read all of the Film Commish’s bloggy sort of news column, click here.

Stimulus Offers $15 Billion in Relief for Struggling Arts Venues

The coronavirus relief package that Congressional leaders agreed to this week includes grant money that many small proprietors described as a last hope for survival.

For the music venue owners, theater producers and cultural institutions that have suffered through the pandemic with no business, the coronavirus relief package that Congress passed on Monday night offers the prospect of aid at last.

To read the full article on The New York Times’ site, click here.

If you want to start production, here’s the latest news from the Mayor’s Office

Phase 4 production guidance is available on the Film Permit website. All production activity, whether it requires a Film Permit or not, must comply with New York Forward Industry Guidance.

For more information see, please refer to the State Department of Health’s Interim Guidance for Media Production During the COVID-19 Public Health Emergency. Please review the guidelines and FAQ before submitting permit applications. The Film Office is operating remotely, so please allow additional time for Film Permit processing.

The above paragraphs contain links to the various FAQ – just mouse over the relevant words.

Nikon to Stop Making Cameras in Japan

Nikon has fallen on hard times as of late as its camera sales have cratered, and now there’s a new indicator of how dire its financial situation is: the company is reportedly pulling the plug on making cameras in Japan after over 70 years of doing so.

To read the full article on Petapixel’s site, click here.

NVIDIA Uses AI to Slash Bandwidth on Video Calls

NVIDIA Research has invented a way to use AI to dramatically reduce video call bandwidth while simultaneously improving quality

What the researchers have achieved has remarkable results: by replacing the traditional h.264 video codec with a neural network, they have managed to reduce the required bandwidth for a video call by an order of magnitude. In one example, the required data rate fell from 97.28 KB/frame to a measly 0.1165 KB/frame – a reduction to 0.1% of required bandwidth.

To read the rest of this article on Petapixel, click this link.

 

 

 

Union Health Plan Dodges Film Workers’ Suit Over Virus Relief

Law360 (October 9, 2020, 5:22 PM EDT) — The Motion Picture Industry Health Plan’s board can’t be sued under ERISA for allegedly flouting its duties when it relaxed plan rules in response to COVID-19, a California federal judge has ruled, nixing a proposed class action filed by two cinematographers who still couldn’t qualify for benefits.

In an order entered Thursday, U.S. District Judge R. Gary Klausner granted the board of directors’ motion to dismiss Greg Endries and Dee Nichols’ Employee Retirement Income Security Act suit accusing board members of breaching their duty to treat all plan participants fairly.

Endries and Nichols, members of Local 600 of the International Cinematographers Guild, said in July that the board left them and others “out in the cold” in its attempts to address the problems COVID-19 caused for plan participants.

But Judge Klausner agreed with the board’s contention that the case, which alleged a fiduciary breach, should be tossed because plan administrators don’t act as fiduciaries when they amend health care plans.

Read the full article on the Law360 site by clicking here.

Russo Brothers Received Close to $50 Million From Saudi Bank

Anthony Russo and Joseph Russo photographed at the PMC Studio in Los Angeles for the Variety Playback Podcast.

The Russo brothers, directors of the all-time top grossing film “Avengers: Endgame,” quietly secured a roughly $50 million cash infusion for their production company AGBO from Saudi Arabia earlier this year, multiple sources tell Variety.

In a deal brokered and closed at the beginning of the pandemic, the Russos received the investment from an undisclosed Saudi bank in exchange for a minority stake in the brothers’ Los Angeles-based shop.

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