Ad Agency Insurance Seminar
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Ad Agency Insurance Seminar

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Quick summary of how to insure your ad agency

Quick summary of how to insure your ad agency

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Ad Agency Insurance Seminar Ad Agency Insurance Seminar Presentation Transcript

  • Risk Management & Insurance Jack M. Buttine John Buttine Inc. New York, NY 10017 1 800 964 4454 [email_address]
  • Risk Management & Insurance
    • We will discuss …
    • Property & Liability insurance policies
    • Use of Certificates of Insurance
    • Workers Compensation Issues involving non-employees
    • Auto Insurance and Agency Auto use policy
    • Loss control tips & techniques
    • Weather Insurance
    • Production and Special Event Insurance
  • Risk Management & Insurance
    • Types of property & Liability policies
      • Personal property, stock photos, property of others, computers & hi tech equip, office improvements, etc.
      • Commercial General Liability (CGL) policies – covers slip & falls arising from office activities, special events & production activities
    • Types of policies (continued)
      • Auto Liability
      • (and Physical damage)
        • Owned, leased, hired & non-owned
      • Umbrella Liability
    Risk Management & Insurance
  • Risk Management & Insurance
    • Certificates of Insurance – “ Certs”
    • Protects you and your client from claims caused by your vendors or contractors
    • Should list agency and client as Additional Insureds
    • Usually no charge to vendor to add agency & client to its liability policy
  • Risk Management & Insurance
    • “ Certs” (continued)
    • Should have one Cert per project for each client and one for you
    • Keep Certs on file
    • Use form letter and sample Cert to standardize Certs from your vendors or contractors
    • Always check the expiration dates relative to the dates of the work
  • Risk Management & Insurance
    • “ Certs” (continued)
    • The process highlights the risk-reward ratio of some activities
  • Risk Management & Insurance
    • The main reasons to obtain Certs
      • Save your insurance for your mistakes – plus , you may not have coverage!
      • Reduce costs. Certain types of insurance are rated by attendance, # of days, rental cost or fees paid to others. Certs may provide credits at policy audit time
      • Protect your loss record. Your insurance is a function of your claim history
  • Risk Management & Insurance
    • Workers Compensation & non-employees
    • Every worker must have benefit of a Comp policy
    • Applies to independent contractors, freelancers and talent
    • Request Cert from all firms and non-employees you pay money to.
    • Your Workers Comp and Production Liability policies are subject to annual audit of agency payroll and amounts paid to contractors
  • Risk Management & Insurance
    • Auto Insurance Policy – what it does …
    • Covers owned, leased, non-owned or rented cars
    • Provides
      • liability protection against bodily injury or property damage claims
      • Physical damage coverage to the agency or rented vehicle
    • Two basics
      • Insurance ‘follows the car’ – anyone can drive
      • The agency’s assets are in the trunk
  • Risk Management & Insurance
    • Policies on use of agency autos
    • Business use
    • Comply with laws on cell phone usage – avoid using cell phone while driving
    • Agency will check employee’s driving record to determine if employee may use vehicle on agency business
    • Avoid picking up hitchhikers
  • Risk Management & Insurance
    • Policies on use of agency autos – (continued)
    • Do not carry more people than you have seat belts
    • No firearms or hazardous materials
    • Keep your speed safe based on road and weather conditions
    • Do not drive if incapacitated – tired, alcohol use, drugs of any type, etc.
  • Risk Management & Insurance
    • Policies on use of agency autos – (continued)
    • Must use seat belts
    • Do not switch off air bags
    • Do not customize or add non-OEM equipment to vehicle
  • Risk Management & Insurance
    • Loss Control – Property losses
    • Laptops are most common loss
    • Do regular inventories of laptops
    • Have a Valuable Property Control policy
    • Check trash – good things end up in dumpster & require that cartons be flattened
  • Risk Management & Insurance
    • Loss Control – Property losses
    • Know who has keys to agency
    • Set a good example (yes! It is stealing!)
    • Check references
  • Risk Management & Insurance
    • Commercial Production Weather (Wx) Insurance
    • Policy is a trade-off: Sure loss of insurance premium v. uncertain loss of one day’s production cost.
    • Insurance protects your clients bottom line by stabilizing production costs.
  • Risk Management & Insurance
    • If you cannot shoot your film or commercial during the allocated time due to poor weather conditions, it costs money to re-shoot.
    • Policy pays based on amount of light, number of rain-free hours or amount of rain that falls.
    • Can be placed as close as 10, or sometimes 7, days before event.
    • Very flexible design; you pick the limit
    • A “stated value” policy’ i.e. insure all or part of the shoot – your choice.
  • Risk Management & Insurance
    • Rate is function of frequency of adverse weather at location of shoot.
    • Premium is based on limit or budget.
    • Time to get quote – 12 to 18 hours
    • Independent Wx observer or a wx satellite reporting system is used to determine degree of adverse weather – rain, fog, wind, too little sun, etc.
  • Risk Management & Insurance
    • Production Insurance
      • A “package” consisting of ...
        • Liability Insurance
          • Commercial General Liability & Umbrella
          • Property Damage Liability for rented locations
        • Property Insurance
          • Faulty Negative/Extra Expense
          • Rented Equipment, props & sets
          • Rented Automobiles
        • Automobile Physical Damage & Liability
  • Risk Management & Insurance
    • Production Insurance: two “kinds”
    • Agency as “Named Insured” – when you buy
    • Agency as “Additional Insured” – when production company buys
    • When production company buys insurance you benefit from their policy but you have to require details on a Certificate of Insurance
  • Risk Management & Insurance
    • Certificates of Insurance
    • Evidence of another’s insurance
    • Protects Agency and its Clients
    • One “Cert” for Agency and one for its client
    • Require total of $5mm of liability
    • Must include current policy dates and name of shoot
  • Risk Management & Insurance
    • Your production policy: “Agency and Partners as Named Insured” ...
    • Covers Agency and it clients for claims arising from production activities.
    • Applies when Agency employees are directing
    • Does not apply to activities in Agency’s office, i.e. concept, editing,…
  • Risk Management & Insurance
    • All insurance is a “pass along” cost
    • Include insurance in your budget.
    • Rates apply to Gross Production Cost (GPC) - $ per $100 of GPC.
    • One rate is available for all production package policies – property, liability, and umbrella.
    • Production Policy is audited at based on GPC.
  • Risk Management & Insurance
    • Special Event Insurance
    • Applies to promotion marketing and other outside the office activities.
    • A special form of general liability insurance.
    • Can cover a range of special event activities – tradeshow show booth, shrink wrapping vehicles, demonstrations or giveaways, etc.
  • Risk Management & Insurance
    • Special Events should be “reasonable” - ??, call
    • No need to pre-approve
    • Policy has exclusions
      • Pyrotechnics, Aerials, Bodily Injury to participants, Racing, etc.
    • Agency & its Client should be named as Additional Insureds on contractors’ insurance policy
  • Risk Management & Insurance
    • What are your questions?