Leadway Assurance Company Ltd. has indicated interest to partner Nollywood on “Production Package Insurance.”
Ms Olubusola Makinde, Associate Manager of the company, made the proposal on Wednesday at the ongoing 13th Abuja International Film Festival.
The News Agency of Nigeria (NAN) reports that the proposal was contained in a presentation titled “Production Package Policy for Nollywood and the Entertainment Industry” Makinde presented at the festival.
She noted that both the crew and producers in the entertainment industry were exposed to unplanned risks in the course of production, adding that insurance should be part of production cost.
She said: “this is a product tailored and designed for the entertainment industry.
“We have Nollywood on our minds and we are aware of the risks faced by actors and filmmakers.
“As an insurance company, we will cover the lives of the cast and the crew; the properties on set and the extra expenses they might incur in the course of production.
“We have insurance to liability to third parties in production; these people die, sustain injuries, properties get missing and yet there is no insurance cover for it.
“There is the need for insurance cover in the industry; we believe producers will grab this opportunity to protect their production.”
Makinde said that before the company could insure any filmmaker and the equipment used, the filmmaker is expected to tender the cost of his production.
According to her, the cost of production will enable the insurance company to determine the value it places on the lives and properties on set.
The associate manager said that Nigerians including filmmakers had cultivated the habit of taking things for granted and believing that God would protect them.
She advised filmmakers and producers to “leave nothing to chance, but take responsibility for their production.”
Mr Launcelot Imaseun, a film producer, who spoke at the occasion, said that supportive businesses springing up in the entertainment industry would enhance the industry.
He urged filmmakers to key into the proposal which he described as “noble idea.’’