Take1 Insurance is now Lloyd's cover holder to offer entertainment clients excess coverage capacity up to $5m
Underscoring its commitment to meet the entertainment industry's growing market demand for increased liability insurance coverage, Take1 Insurance announced that it is now a cover holder with Underwriters at Lloyd's, London England to provide excess liability coverage capacity of up to an additional $5 million in limits, either on an annual or short-term basis.
Minimum rates start at $750 per each million dollars of coverage. This coverage will apply in excess of the insured's primary umbrella.
"The traditional limits of primary umbrella or excess insurance protection increasingly no longer meet the needs of today's live event and entertainment industries," emphasized Take1 Executive Vice President & Program Director Scott Carroll.
"Touring musicians, special event producers, equipment rental companies, venue owners, and large corporate event producers understand the need for higher limits, often $10-million or more. The insurance industry has to evolve to meet the needs of customers who are operating in this increasingly more expensive business environment.
"Underwriters at Lloyd's, London, England's appointment of Take1 to serve as cover holder effectively allows insurance agents to offer their clients, through Take1, the ability to meet the contractual requirements for higher levels of general liability insurance protection," Carroll explained.
"The demand for higher levels of general liability insurance coverage is a direct result of the recent string of weather, security, and fire-related tragedies that have impacted every part of the live event and entertainment industries."
U.S. Risk's Take1 division has been servicing the insurance needs of the film and television production industry and has expanded significantly to meet the needs of audio-video and communications industry clients as well.
The company's experience includes underwriting film and television production companies, DICE (documentary, infomercial, commercial, educational) producers, touring entertainers, concert/playhouse venues, concert promoters, video game developers, and specialty rental operations focused on audio, visual, lighting, sound, grip, and production.
Source: Company Press Release