Mumbai: In 2006, Aamir Khan's Fanaa was boycotted in Gujarat after the actor spoke up for the Narmada Bachao Andolan. In early 2008, Ashutosh Gowarikar's Jodhaa Akbar bled after Rajputs objected to its "distortion of historical fact''. Most recently, there have been reports that some Sikh activists in the north are readying to agitate against Vipul Shah's Singh Is Kinng because they are unhappy with the way the community has been depicted.
Politics and public sentiment, Bollywood has learned to its cost, can cause havoc at the box-office. With community protests increasingly becoming part of the noise accompanying a film release, the industry has decided to hedge its bets. And what better way than buying insurance cover. Most new Bollywood films are insured against everything from bans to terrorism, says producer Punkej Kharbanda, who made the controversial Matrubhoomi (A Nation without Women).
As a result of this new edginess, Alliance Insurance Brokers Pvt Ltd, which deals with media-related risk, is doing brisk business. According to its director Aatur Thakkar, the policy rates depend on the type of movie being insured and on the agreement between producer and distributor. "But an average of 0.5% to 1% would be the correct indicative premium amount. So, if Fanaa is budgeted at Rs 30 crore, the insurance cover would be approximately Rs 15 to Rs 20 lakh,'' he says. "Similarly, if Jodhaa Akbar cost Rs 55 crore to make, the cover would amount to Rs 25 to Rs 30 lakh.''
One reason why there are no exact insurance figures available is because producers buy cover on an approximate, not actual budget, says a trade insider. He adds that the hero's and director's fees are always underplayed.
Leading Bollywood lawyer Shekhar Menon says the policy most preferred by film corporations is a comprehensive entertainment package which covers them from a bundle of risks. REEL RUSH FOR INSURANCE COVER 'Most producers opt for policy at eleventh hour'
Mumbai: More and more Hindi film-makers are now opting for insurance cover. Apart from traditional cover for cast/key members,props and equipment, raw stock, negatives and extra expenses, a film producer is also protected if a movie is hit by adverse weather or if there is an illness in the family.
Another attractive policy, says Menon, is the Multimedia Liability Insurance (Errors and Omissions) that protects directors from a quiver of legal claims, including those arising from defamation, libel or slander, copyright infringement (such as in the Raakesh Roshan-Ram Sampat Krazzy 4 spat), trademark infringement, invasion of privacy, plagiarism, emotion distress, negligence and even imprisonment.
Citing an example, a source says the producer of Ram Gopal Varma Ki Aaghad a cover of Rs 10 lakh under a general insurance policy,but when he was taken to court by Sascha Sippy, he was advised to take multimedia liability insurance. "Unfortunately,most producers approach
an insurance firm at the last minute with policy requests,'' says an insurance agent. "We can scarcely afford to cover them after their house is already on fire.''
Thakkar says as every other film seems to be running into rough weather, the firm has introduced a new policy called the Distributors/Producers Loss of Profits,which protects the client from losses resulting from stoppage, cancellation or interruption of a movie."This insurance is tailor-made for films hit by political bans, communal and religious riots and terrorism. The compensation is a pre-decided amount based on the collection that the movie would draw in a similar theatre in the same or different territory.''
The marketing men of Singh Is Kingg claim that the film has been given clearance by the Shiromani Gurudwara Prabhandak Committee. Though a trade source says they are looking at distributor insurance, the production team's brave line is, "We are not anticipating any problems.''
Politics and public sentiment, Bollywood has learned to its cost, can cause havoc at the box-office. With community protests increasingly becoming part of the noise accompanying a film release, the industry has decided to hedge its bets. And what better way than buying insurance cover. Most new Bollywood films are insured against everything from bans to terrorism, says producer Punkej Kharbanda, who made the controversial Matrubhoomi (A Nation without Women).
As a result of this new edginess, Alliance Insurance Brokers Pvt Ltd, which deals with media-related risk, is doing brisk business. According to its director Aatur Thakkar, the policy rates depend on the type of movie being insured and on the agreement between producer and distributor. "But an average of 0.5% to 1% would be the correct indicative premium amount. So, if Fanaa is budgeted at Rs 30 crore, the insurance cover would be approximately Rs 15 to Rs 20 lakh,'' he says. "Similarly, if Jodhaa Akbar cost Rs 55 crore to make, the cover would amount to Rs 25 to Rs 30 lakh.''
One reason why there are no exact insurance figures available is because producers buy cover on an approximate, not actual budget, says a trade insider. He adds that the hero's and director's fees are always underplayed.
Leading Bollywood lawyer Shekhar Menon says the policy most preferred by film corporations is a comprehensive entertainment package which covers them from a bundle of risks. REEL RUSH FOR INSURANCE COVER 'Most producers opt for policy at eleventh hour'
Mumbai: More and more Hindi film-makers are now opting for insurance cover. Apart from traditional cover for cast/key members,props and equipment, raw stock, negatives and extra expenses, a film producer is also protected if a movie is hit by adverse weather or if there is an illness in the family.
Another attractive policy, says Menon, is the Multimedia Liability Insurance (Errors and Omissions) that protects directors from a quiver of legal claims, including those arising from defamation, libel or slander, copyright infringement (such as in the Raakesh Roshan-Ram Sampat Krazzy 4 spat), trademark infringement, invasion of privacy, plagiarism, emotion distress, negligence and even imprisonment.
Citing an example, a source says the producer of Ram Gopal Varma Ki Aaghad a cover of Rs 10 lakh under a general insurance policy,but when he was taken to court by Sascha Sippy, he was advised to take multimedia liability insurance. "Unfortunately,most producers approach
an insurance firm at the last minute with policy requests,'' says an insurance agent. "We can scarcely afford to cover them after their house is already on fire.''
Thakkar says as every other film seems to be running into rough weather, the firm has introduced a new policy called the Distributors/Producers Loss of Profits,which protects the client from losses resulting from stoppage, cancellation or interruption of a movie."This insurance is tailor-made for films hit by political bans, communal and religious riots and terrorism. The compensation is a pre-decided amount based on the collection that the movie would draw in a similar theatre in the same or different territory.''
The marketing men of Singh Is Kingg claim that the film has been given clearance by the Shiromani Gurudwara Prabhandak Committee. Though a trade source says they are looking at distributor insurance, the production team's brave line is, "We are not anticipating any problems.''
NEED FOR SHIELD: Jodhaa Akbar is one of several films that has faced community protests in recent times
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