HDI says its new film production insurance package brings competition to a market with limited underwriting options.

The modular package is structured across six sections of cover: film producers’ indemnity; production media; extra expense; production property; money; and liability. It can be bought in any combination, and covers major studio productions through to independent filmmakers, freelance content creators and contractors.

“For brokers who have spent recent years telling clients there is no alternative, that answer has changed,” HDI underwriting manager for contingency and entertainment Chris Milne said.

“It’s a very transactional class. Productions can need a decision in two or three hours. Being on the ground, in the same time zone and empowered to underwrite is critical.”

Australia’s film production market has shrunk from three to four local underwriting options to “effectively one”, according to the insurer.

HDI also offers cast and crew cover for motor fleets, aviation charters, marine cargo and accident and health. Brokers can “consolidate what would otherwise be a fragmented placement with a single carrier”.

The move comes as Australia has attracted increasing interest from global streaming platforms, and the WA government has backed a major new production facility.