mumbai its not just producers and directors who are excited about the rising corporate investment in the indian film industry insurance companies have a reason to smile too the film insurance business is prospering as wellthe upcoming drona due to release on october 2 has been insured for rs 50 crore by stateowned insurer united india insurance uii all the bigticket releases of this yearlove story 2050 jaane tu ya jaane na and jodhaa akbarwere insuredthe film industry was largely an unorganised sector but with the entry of corporates it has become more organised and corporatised this means producers want to insure their productions to mitigate some losses said bajaj allianz general insurance head underwriting ta ramalingam they insured the recent release jaane tu ya jaane na bajaj allianz is expecting a 50 growth in its film insurance business this year mr ramalingam added that independent producers are still shying away from insurance since they do not want to pay the premiumthe premium usually ranges between 0751 of the total insured amount while writing a film insurance policy the insurer usually covers the expenses incurred by the producer due to the death or injury of actors damage to sets costumes equipment as well as theft however a films performance on the box office can not be insuredfilm insurance is a tricky trade it requires complete understanding of the industry it cant be treated like other insurance policies because film production is a fairly complicated process involving people and equipment says uii development manager ajit gupta for the record film insurance began in india in the late nineties subhash ghais taal was the first film to be insured by uii and it has insured about 100 films since then the underwriters are now being approached to introduce new offerings in the film insurance policies though they refuse to insure the commercial performance of a film they have considered insuring risks that would hinder the success of a movie at the box office suppose a fire breaks out at a cinema that is screening an underwritten film and subsequently it cannot be screened for a whilethe producer can be insured against such a situation the projected boxoffice returns that the film was expected to make for the period can be claimeda few producers have approached firms in order to insure contract liability of actors this is difficult for the companies to meet since the indian industry is not used to the extensive paper work it involves