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Old 09-29-2014, 03:21 PM
chad556 chad556 is offline
Chad
 
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Default Stringers required to have Omission Insurance?

I have a very small LLC video production company. We provide video and editing for all sorts of venues and occasions. Weddings to Real Estate shoots. We already pay out the "rear end" for insurance liability. Its a $3,000,000 liability plan that also covers our drone services. Our primary source of revenue comes from ground based overnight news stringing though. I personally string 3 nights a week, and is our biggest money maker and source of relied income.

Today my underwriter called to say that the insurance company is mandating we add Error and Omission coverage. That alone will cost another $150+ a month. Apparently they are concerned with the fact that my footage airs on national and local television. The example they used was: if a person was aired on the news from footage of ours, and were portrayed in a false light by error, my company would be named in the lawsuit along with the news station.

This seem a bit asinine to me. Doesn't the news station assume sole liability for what THEY broadcast? Typically its THEM who do the fact checking prior to airing it. Have you heard of this requirement before?
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Old 09-29-2014, 04:55 PM
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2 Hungry Dogs 2 Hungry Dogs is offline
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Joel Freedman
 
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Sounds like it's time to shop for a new insurance policy.

The problem is that they are correct. If there is an issue the lawyers will sue everybody involved and let the judge work it out. This will cost the insurance company time and money to defend, or get removed from the case even if it is outrageous.

The irony is that because you have insurance you are more likely to get sued. The lawyers know that there is money there and the insurance companies might settle rather then fight it. Without insurance most lawyers wont touch it as it would not be worth their time.

Ask the insurance company if they would accept an indemnification clause in your stringer contract from the station. If yes, then you might try to get a blanket one from your client. Or you can put it on the receipt and make them sign the receipt when they get the footage.
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Old 09-30-2014, 05:06 PM
Run&Gun Run&Gun is offline
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Shop around. $1800+ JUST for E&O is a lot. My premium that covers this year was $1800 for my ENTIRE business policy(replacement cost) that includes $2 mill E&O/liability.
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