Canada’s media industry is dynamic and growing. According to PwC’s Global Entertainment & Media Outlook 2018-2023 (1), the total industry revenue is projected to rise at a compound annual growth rate of 3.7% (compared to 2.8% last year) over the next four years. Meanwhile companies are moving from traditional to digital media, opening up new possibilities and exposures.
This is a diverse and fast-changing market and companies looking for insurance will require tailored coverage to meet the specific needs of their business.
For a Successful Submission in Media/Multimedia Liability, Brokers Need to Do Their Homework
Media Liability is a type of specialized errors and omissions (E&O) liability insurance. It’s designed to protect publishers, broadcasters, advertising or PR agencies, and other media-related firms from being sued for alleged defamation, invasion of privacy, infringement of copyright and trademark, plagiarism and errors or omissions arising from the content they produce.
A good submission is well-researched and paints a clear picture of the risks to the underwriter. While in-house underwriting makes the process faster, brokers should do their homework to ensure a successful submission. Here are four keys to better and faster submissions for media/multimedia markets.
1.Complete the Application in Full
While skipping questions is common practice, it’s important that brokers fill in the entire application to ensure a successful and speedy submission. This includes those questions that seem irrelevant to the insured.
Brokers should also complete any claims information if there are claims. This includes the claim descriptions, current status (open or closed), date of loss, total incurred to date, amount being claimed, and any indemnity payments that have been made.
2.Provide Documentation on the Insured
Providing detailed information about the insured’s work and experience is vital to getting a quote. This means giving an accurate overview of the insured’s operations and scope of work, and attaching a CV or resume for each principal or partner.
3.Include Relevant Insurance Details
Brokers should provide the underwriters with figures such as fee income and advise the limits and deductibles needed.
4.Coverage Needs
Brokers should provide a summary of the risks for the underwriter. Common exposures include the following:
● Client projects where the insured could be accused of negligence (e.g. missed deadlines, project delays, or mistakes)
● Media coverage or representation of an individual or entity that exposes the insured to defamation
● Social media platforms (e.g. Snapchat, Facebook, Twitter) and other nontraditional modes of dissemination
Companies using the internet to conduct business, market products and services, promote their brand, and interact with customers, exposes the insured to various risks, such as deceptive trade practices, defamation (e.g. making an unfair comparison with a competitor), invasion of privacy (e.g. posting a photo of someone without their permission), copyright/trademark infringement (e.g. using an unlicensed stock image or using the trademarks of other corporations), and harassment (of coworkers, business partners, and customers)
Media/multimedia insurance also covers several types of media wrongful acts, including:
● Copyright and trademark infringement
● Les Deceptive trade practices
A claim includes both monetary damages and non-monetary relief or injunctive relief. Loss includes coverage for punitive, exemplary or multiplied damages to the fullest extent permitted by law. For a full list of SWIG’s coverage highlights, visit the Media/Multimedia insurance page.
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