When The Show Must Go On: Crawford GTS® Media and Entertainment Ensures that it Will
Our Specialists Holistically Handle Entertainment-Industry Claims
To say that the Media and Entertainment Industry is big business is an understatement. As the classic Irving Berlin song goes, “There’s No Business Like Show Business,” and recent reports indicate this business is only getting bigger. The 2016 value of the global Media and Entertainment market is expected to reach more than $2 trillion U.S. dollars, according to a statista.com timeline that also forecasts the 2019 figure will climb to $2.36 trillion.
The Media and Entertainment industry is large, complex, and encompasses high degrees of risk, unpredictability, and potential liability. Crawford Global Technical Services® (GTS™) partners with players in the media and entertainment market by coordinating, leading and settling entertainment claims, large or small. GTS specialists can organize and moderate all of the conflicting points of view and requirements, including those of production partners, financing partners, property and rentals, agents, and lawyers, among others.
Production—a Perishable Commodity
GTS understands the speed with which entertainment claims must be handled. Productions operate on tight schedules that often cannot be changed significantly, so responding with swiftness and sensitivity to the needs of financial, logistical, and emotional concerns is part of GTS’ modus operandi.
Know-How to Handle Complex Risks
Underwriting large media productions is one of the most sophisticated and specialized areas of insurance. The issues are exciting and unpredictable; simple factors of talent, weather, scheduling, crowd control, equipment, and constantly evolving financial structures make risk management in this area extremely challenging. As production becomes increasingly global and joint ventures, partnerships, and cross-collateralization complicate risk, it is more critical than ever to partner with professionals who understand complex claims and losses and who have the resources to deal with the myriad issues involved.
The Star Did Not Show Up
Crawford GTS Media and Entertainment professionals have hands-on experience with problems just like this. They know how to help when a typhoon destroys all on-location sets and can help ease the burden when a financial partner withdraws from a project. GTS technical adjusters understand how personality-driven and time-sensitive these situations are, and how, like dominoes, every single piece affects every other one. These adjusters have worked with renowned stars on both major studio and independently financed pictures; have managed some of the industry’s largest individual property claims; and have mediated the losses on two of the largest-grossing motion pictures of all time. GTS’ Media and Entertainment specialists have additionally assessed claims and damages for underwriting sizeable live events and large-scale theatrical productions.
The GTS group has directly assessed and adjusted claims in the areas of:
- Cast insurance
- Errors and omissions
- Extra expense
- Film set property damage
- General liability
- Office and studio risks
- Stage property damage
Tackling Unique Casino and Gaming Challenges
This specialized area of the entertainment industry has a series of underwriting challenges. Crawford GTS’ Media and Entertainment professionals provide loss adjustment for operations of all types, including riverboats, dockside, land-based, and sovereign nation casinos. They possess experience and expertise in the specifics of gaming, surveillance, and electronic data processing equipment and have adjusted losses in personal liability, structural failure, and class action lawsuits.
Committed to Exceed Entertainment Claims’ Needs
The multinational and global risk and insurance community needs a team of experts with the experience and industry focus to evaluate and assess damages under extreme conditions. Crawford GTS has the commitment, skills, resources, technology and the experience required to meet the specific needs of each client.
Crawford GTS key service features include:
- World-wide service. A global network of experts, including surveyors, environmental scientists, engineers, consultants, and specialist case handlers
- Compliance. Strict adherence to relevant governing legislation (ELD, CERCLA/Superfund, etc.)
- Cost-effectiveness. Reduced indemnity spend, financial assurance for insurers
- Confidence. Transparent claims procedures and reporting standards
- Reliability. Experienced, qualified professionals, infrastructure and leadership to strategically project manage losses anywhere on the globe