Mumbai: After Bollywood blockbusters, TV sitcoms are increasingly seeking insurance cover. And typically, the insurance covers the death of a cast member from illness and damage and theft of sets, costumes and special equipment.
The sum insured varies from Rs 1 crore to Rs 5 crore per production and premiums range between Rs 65,000 to Rs one lakh.
Although, insurers have always offered television insurance, there were few takers in the past. In fact, now private insurers like Bajaj Allianz say enquiry numbers have increased to about six in the past few months from one or two earlier.
“Some of the larger banks like IDBI are also getting into loans for these corporate production houses, so they want a back up incase something goes wrong,” Head-Underwriting, Bajaj Allianz, TA Ramalingam said.
Even so companies like United India Insurance feel the numbers are low because of the high premiums.
However, industry experts say shows such as Fame X and Jhalak Dikhlaja on Sony and Baa, Bahu Aur Baby and Nach Baliye on Star TV have been insured.
“We work in averse conditions, there are so many lives involved along with a huge cost involvement,” MD, Hats Off Production, Jamnadas Majethia said.
Be it a shoot abroad or international format shows being brought to India, rising production costs have spawned a need for an insurance cover.