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Tokio Marine Kiln (TMK), the leading international specialist insurance business, today announces the launch of VFX and Post Production Media Insurance.
Post Production Media Insurance offers flexible cover for companies specialising in online or offline editing and digital content. TMK’s new hybrid product, which combines traditional commercial insurance with cyber and reputational management cover, has been designed to address these businesses’ need for insurance cover in the face of cyber-attacks and accidental security breaches.
Policy holders will be insured against traditional commercial risks, such as physical damage and physical theft and will be provided with worldwide cover for technical equipment. They will also receive cover for costs relating to security breaches, reputational damage, additional expenses incurred to meet contractual obligations and deadlines, loss or damage to technical equipment, remedial work by employees and business interruption costs including any time in lieu.
Stuart Wolstenholme, senior underwriter at Tokio Marine Kiln, said: “Our VFX and Post Production Media Insurance has been developed in response to the increasing need our clients face for coverage to protect against the threat of being hacked or accidentally suffering a security breach. Cybercrime is on the rise, and we have seen both a surge in the number of high-profile attacks and a growing sophistication in the methods deployed by perpetrators. Businesses also continue to be vulnerable to breaches resulting from human error by employees”.
“Security breaches can result in significant damage to the reputation of a post-production company and hinder its ability to meet contractual obligations and deadlines. This bespoke new product will provide further protection for these clients and ensure that they are covered against both traditional and emerging risks.”
Tom Hoad, Head of Innovation at Tokio Marine Kiln, added: “The launch of VFX and Post Production Media Insurance is indicative of TMK’s commitment to providing innovative coverage solutions that evolve alongside the needs of our clients.”