Theatrical Property &
Real Property Insurance
There is an insurable difference between what is considered "Theatrical Property" and property that is referred to as building contents or business personal property.
To illustrate the difference this is an example what can happen if your property is not insured correctly.
A small theater decided to take their youth theaters production to several schools in the area. The theater had purchased a normal business owners insurance policy covering their liability and their business property. The policy provided $15,000 of business property coverage with a $500 deductible.
The set and the costumes for this particular show were worth around $5,000 and were being transported in the theater’s van which one of the actors took home with him the night before the program. Unfortunately the van was stolen along with the set and costumes.
The theater turn in the claim to their insurance company and were very surprised to learn that only 10% of the $15,000 of coverage for their property was covered away from their primary location. So they only received $1,500 less the $500 deductible or $1,000. This is the way the standard business owners package policy is written, however if the theater had been covered with a theatrical property policy the entire $5,000 would have been covered, less the deductible.
A “Theatrical Property” policy is an
policy which is written on what is called an “inland marine” form.
This form covers the property where ever it happens to be. It covers all of the same perils as a standard property policy such as fire, wind storm etc. and in addition this form covers theft and it covers the property while it’s being transported, stored off premises and during a production no matter where it is.
If you currently have your organizations theatrical property insured on a standard business property policy you need to let us review your coverage and determine how you really need to be insured. We will help you with a general inventory of all of the theater’s costumes and sets and lighting and sound equipment to determine the correct values necessary to properly provide the right insurance program for your organization.
Give us a call or complete the card at the bottom of this page and we will be in contact with you to help you with your insurance needs.