A leading international specialist insurer has announced the launch of a media insurance product covering visual effects and post-production.
Tokio Marine Kiln’s VFX and post production media insurance product offers cover for companies specializing in online or offline editing and digital content, according to a TMK news release. The product combines traditional insurance with cyber and reputational management cover.
According to TMK, policyholders will be insured against traditional risks like physical theft and physical damage, and will receive worldwide cover for technical equipment. The policy will also cover costs from security breaches, reputational damage, additional expenses incurred to meet deadlines, and remedial work by employees.
“Our VFX and post production media insurance has been developed in response to the increasing need our clients face for coverage to protect against the threat of being hacked or accidentally suffering a security breach,” said Stuart Wolstenholme, senior underwriter at TMK. “Cybercrime is on the rise, and we have seen both a surge in the number of high-profile attacks and a growing sophistication in the methods deployed by perpetrators. Businesses also continue to be vulnerable to breaches resulting from human error by employees.”
“Security breaches can result in significant damage to the reputation of a post-production company and hinder its ability to meet contractual obligations and deadlines,” Wolstenholme added. “This bespoke new product will provide further protection for these clients and ensure that they are covered against both traditional and emerging risks.”
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