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The movie Bahubali 2 The Conclusion, which has set cash registers ringing at the box office, has been good for insurers as well. The big-budget movie was insured for over Rs 200 crore by Future Generali, and the cover has concluded without any major claim.
The Rs 250-crore movie an epic historical fiction, directed by S S Rajamouli and produced by Shobu Yarlagadda and Prasad Devineni has involved major investments in elaborate sets and is touted to be the most expensive film in India till date. There are reports that the yet-to- release Rajnikanth's Enthiran 2 (Robot), which has a budget of Rs 450 crore, is insured for Rs 300 crore by state-owned insurers, which makes it the largest film cover.
The Rs 250-crore movie an epic historical fiction, directed by S S Rajamouli and produced by Shobu Yarlagadda and Prasad Devineni has involved major investments in elaborate sets and is touted to be the most expensive film in India till date. There are reports that the yet-to- release Rajnikanth's Enthiran 2 (Robot), which has a budget of Rs 450 crore, is insured for Rs 300 crore by state-owned insurers, which makes it the largest film cover.
Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance, told TOI that this is the largest cover provided by the company for any movie project. "We are not aware of other film insurance covers in India as the size of covers is not publicised. But we are sure that this is among the biggest," said Rao.
Future Generali has provided insurance to several big-budget movies, including Raees, Rock On 2, Dil Dhadakne Do, Mohenjo Daro and Shivaay. But all of these covers have been in the range of Rs 80-100 crore. Rao added that the company has issued 160 film insurance policies, mostly in Bollywood. "We would now like to focus on the southern market as well since we are confident of catering to the unique requirements of the film industry," he said.
"Given that we have been regularly providing cover for films, we have a reinsurance treaty for this cover with GIC Re and some of the foreign reinsurers," said Rao. The premium rates vary for different sections.
The highest rates applies to non-appearance and damage to equipment like camera where the rates can be as much as 1% of the sum insured. Other parts of the cover, such as personal accident, are much cheaper since it is for a limited period.
The film insurance policy covers risks during the pre-production to post-production stage. It insures the film against unforeseen incidents like death, illness of an actor or occurrence of natural calamities or accidental damage leading to delays in the film schedule. Additionally, it offers insurance against its legal liability to pay damages for third party civil claims arising out of bodily injury or property damage.
