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TOPIC: Theater Insurance

Theater Insurance 21 Jan 2002 14:26 #24639

  • BECKWITH1
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I have been aware for some time that theater insurance is generally considered expensive. Since mine is not ($828 per year) I am curious about what I am missing. I might assume that it is because I lease my building and therefore do not need fire insurance on it. However, I am not sure that is the case. So I thought I would put it out to referendum. How expensive is your insurance and what does it cover?

Mine is a single screen, masonry building. We have $2,000,000 in liability coverage, business personal property at $98,000, six months of business interruption insurance,and window glass coverage. Also sign coverage and theft coverage.
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Re: Theater Insurance 21 Jan 2002 17:19 #24640

  • RoxyVaudeville
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Quick... list your insurance company's name and agent and his phone number and he will be barraged with phone calls from every theatre operator that reads this post. No... wait, on the other hand, send it to me in an e-mail and we won't tell anyone else.
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Re: Theater Insurance 27 Jan 2002 13:23 #24641

  • BECKWITH1
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I'll be fair here and hope they don't kill me. My company is Westfield Insurance. They are served by independent agents. Check with yours and see if they can accommodate you. But my real question is still unanswered. Is there a reason why my insurance is so low that I am missing. Am I underinsured?
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Re: Theater Insurance 25 Apr 2002 15:47 #24642

  • sevstar
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Can't answer the above question as to why it would be so low. As long as you have the coverages required, it's a blessing. My problem has been the opposite. INCREASES! And darn slow at renewal this year. Didn't get the new policy till one day before the old one ran out.

Checked with NATO's sponsored company. And they told me that the theatre package by Fireman's Fund they had is no longer available. And a $10,000 per year minimum premium is now the norm. The agents I have talked to say this is because of how the underwriters look at theatres since the 9-11 attacks.

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Re: Theater Insurance 26 Apr 2002 21:18 #24643

  • Mike
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If you are not getting this: pay attention. PAY attention. INSURACE Companies were reamed by 911 they lost gazillions and they want it back They are rquired to maintainx amount of cash to back up their potential losses and it's all gone so they want it back. A guy I know just reinsured his commercial rental property and the inds went up 350%. Everyone is in for it!

Mike Hurley
www.bigscreenbiz.com
Michael Hurley
Impresario
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Re: Theater Insurance 27 Apr 2002 13:11 #24644

  • BECKWITH1
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I just got my new policy in the mail. Same $828 dollars this year. Granted I did have a 3 year committment, but no surprises yet!
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Re: Theater Insurance 27 Apr 2002 14:26 #24645

  • sevstar
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Yes 911 is exactly the reason I am hearing from all the brokers I have talked to. One company in addition to the $10,000.00 minimum premium. Also requires a $10,000.00 SIR "self insured retention" for any and all claims. Which to me is just basically saying you have a $10,000.00 deductible. Wow!!!
Glad I am not running a theme or amusement park this summer. Can only imagine what they are getting hit with in premiums.


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Re: Theater Insurance 28 Apr 2002 18:32 #24646

  • Mike
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Mssr. Beckwith is of the lucky dog tribe!

Mike Hurley
www.bigscreenbiz.com
Michael Hurley
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Re: Theater Insurance 29 Apr 2002 11:55 #24647

  • sevstar
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Going back to the original post. Gross annual sales, and number of seats / admissions also seem to be a big factor with determining premium rates.
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Re: Theater Insurance 18 May 2002 03:53 #24648

  • Rialto
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Hi Beckwith,

One thing you didn't mention in your post of your coverage is replacement cost of any and all prints in your building in event of fire/earthquake/theft/etc. Also do any of your employees ever drive on company business, like to the bank? You might need hired/non-owned auto coverage. Also do you have an umbrella policy to cover any gaps not covered? Yes, I'm probably running up your bill, but I figure the $20,000 it costs to cover our 5 screen theatre is worth it. I just wish they'd let us pay the premiums in 2 or 4 installment's. All at once is quite a lot to swallow, but at least renewal is just after Christmas
Our insurance company is The St. Paul Companies and our broker is Marsh USA Entertainment Division and I'm very happy with them. Incidentally, our premium didn't go up much from the previous year and most of the increase was triggered by increased business, so I can't complain about that.
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Re: Theater Insurance 18 May 2002 13:30 #24649

  • BECKWITH1
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Thanks Ky!

Good points!
Yes, we have looked at our $5,000 cost of replacing prints and feel that we are covered unless WE are responsible for the damage (scratched etc). We used to have 3-4 prints here all the time but usually just 1 now.

We originally carried non-owned vehicle coverage and cancelled the coverage after the first 3 years because we never sent anyone anywhere except ourselves and we are fully covered on our own policies. (The good part about running your own business 7 days per week.)Don't forget about fast food runs, change runs or small repair runs if you think that you don't need this insurance. Non owned auto coverage is also the fastest growing expense of all parts of our policy and we decided we really didn't need to pay rising costs on coverage that we didn't need.
We will need to add this back if we hire other managers to run the theater.

We carry an umbrella liability policy with our personal insurances which should cover anything that we have not thought of at the theater. (I hope).

Sevstar: you are also correct about the liability coverage premium being determined based on admissions. We are covered based on 25,000 admissions per year, but I think that we may go over that this year and I will call my insurance agent when that happens.

Thanks for the input and if anyone else learns anything from this that will be good too.
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Re: Theater Insurance 21 May 2002 11:52 #24650

  • sevstar
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Rialto

When you first were opening your theatre. How many quotes did you get from other companies, before you decided on Marsh USA? And how long did it take for those companies to provide their quotes?

Reason I ask is lately I am hearing it takes 45 days just to get a quote.
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Re: Theater Insurance 27 Sep 2004 19:06 #24651

  • BurneyFalls
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Well, my insurance just got cancelled becuase of last November's fire. I have until Nov. 11 to find another carrier. I will check with my agent tomorrow about Westfield Insurance. Does anyone use Reynolds & Reynolds?
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Re: Theater Insurance 27 Sep 2004 19:18 #24652

  • RICK
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I had Westfield until they pulled out of south dakota, after a summer of l;ots of hail. I then had to really scramble to find coverage. My insurance almost doubled!
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Re: Theater Insurance 28 Sep 2004 04:37 #24653

  • Alan_G
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The October Boxoffice that arrived today has an ad for MOC Insurance Services. Perhaps they can help.

[This message has been edited by Alan_G (edited September 28, 2004).]
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