- Tuesday, Jun. 10, 2014
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/
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.
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.