Insurance benefits for entertainment industry

Insurance can play a role in helping the entertainment industry grow by protecting against financial losses caused by accidents or injuries, among others. writes JOSEPH INOKOTONG.

INSURANCE plays an important role in every stratum of people’s lives including all types of businesses. The entertainment industry in Nigeria is a big business, which some undiscerning may find difficult to comprehend.

For example, Funke Akindele’s latest movie, ‘A Tribe Called Judah’ has made history by becoming the first Nollywood film to surpass ₦1 billion at the box office. The movie, which was released on December 15, 2023, has been a massive success, grossing over ₦613 million in just two weeks of its release. Akindele, 46, has now become Nollywood’s highest-grossing director with this new record.

Insurance can play a role in helping the entertainment industry grow in many ways by protecting against financial losses caused by accidents or injuries during the production of movies, TV shows and other forms of entertainment. It can also help to finance the production of new projects by providing loans and other forms of financing and can help to protect the intellectual property of entertainment companies by providing coverage for copyright infringement and other types of lawsuits.

In addition to the value of these benefits, insurance can also help to improve the overall safety and security of the entertainment industry. For example, in the event of cancellation, insurance can protect against the financial losses caused by events like concerts or sporting events being cancelled due to weather or other unforeseen circumstances.

It is intriguing how insurance can have such a wide range of benefits for an industry like entertainment but it seems the entertainment industry in Nigeria is not making good use of insurance.

In the event of an accident or injury at a musical concert, insurance can help to cover the costs of medical care and other expenses for those affected. For example, if a stage collapsed or a pyrotechnic display went wrong, insurance could help to pay for the medical bills of anyone injured in the incident. This is just one example of how insurance can help to protect the people who attend concerts and other forms of entertainment.

The cost of insurance is usually shared by several different parties. The insurance company will pay for a portion of the cost, and the entertainment company will also pay a portion of the cost through their premiums. In some cases, the audience members may also be required to pay a small fee as part of their ticket price to help cover the cost of insurance. This is often called a “service charge” or a “facility fee.”

When an accident or injury occurs at a concert or other entertainment, the first step is usually to file a claim with the insurance company that will then investigate it and determine whether or not it is covered by the policy. If the claim is approved, the insurance company will pay out the money owed to the injured person or their family. In some cases, the money may be paid directly to the injured person or the family, while in other cases, it may be paid to the healthcare providers who treated the person.

The claims process is designed to be as fair and efficient as possible, and most insurance companies have a team of trained professionals who are dedicated to processing claims quickly and accurately. In addition, most insurance policies have a time limit for filing a claim, so it’s important to act quickly if someone has been injured at a concert or other entertainment events.

If a riot or stampede occurred at a concert and musical instruments were damaged, the insurance company would typically consider this to be a “property damage” claim. The claim would be filed with the insurance company, and they would send an adjuster to assess the damage and determine the amount of money owed. The insurance company would then reimburse the band or its management for the cost of repairing or replacing the damaged instruments. It is important to note that most policies have a “deductible,” which is the amount of money that the insured person must pay out of pocket before the insurance company will cover the rest of the cost.

Viewing through all of these different scenarios, it is gladdening to see how insurance can protect people and businesses in a variety of situations.

If someone sustains an injury while attending a concert, the person can file a claim with the insurance company. The insurance company will need to know details of the accident, including when and where it occurred and how the injury was sustained. The injured person may also need to provide medical records and other documentation to support the claim.

Severe injuries can be very costly, both in terms of medical bills and lost wages. The insurance company will likely need to review all of the details of the accident and injuries before they can decide how much money they will pay out.

Often, some victims may consider speaking with an attorney who specialises in personal injury cases to help navigate the claims process and ensure that they receive the compensation they deserve. It is important to remember that there is a time limit for filing a claim.

It is not necessary to speak with an attorney, but it can be very helpful because an attorney can provide legal advice and guidance throughout the claims process, and they can negotiate with the insurance company on a victim’s behalf. Anyone who decides to proceed without an attorney should be sure to read the insurance policy carefully and understand all of the terms and conditions. The person may also want to consider consulting with a legal aid organisation for assistance.

A victim who is not interested in hiring an attorney will still need to be very careful and attentive throughout the claims process. The person will need to understand the terms of the insurance policy and be prepared to provide all of the required documentation, and may also want to consider working with a claims adjuster from the insurance company. A claims adjuster can help to make sure that all of the necessary paperwork is submitted and that the claim is processed on time.

It is important to make an informed decision about how to proceed by knowing the different options and understanding all the implications.