There is a lot of time and planning that goes into making a film within a specific budget. No matter how much planning goes on, there is always something that could go wrong. If you aren’t insuring yourself along the way, you may find the entire production halted with even the slightest hiccup.
Rio Grande Insurance is dedicated to keeping your film production moving with the right insurance. As an independent insurance agency, we are able to select from a large group of providers to find the policy that covers your production the best. Our professionals have been working with film producers for years and we know the risks that need to be covered.
The state of New Mexico’s Film Office (New Mexico Film Commission) and Taxation and Revenue Dept. have created an excellent set of incentives for New Mexico film production:
At the top of the list of New Mexico Film Production Incentives is a 25% rebate on all production expenditures, including labor and talent. This rebate applies to feature films, television, regional and national commercials, documentaries, video games and post-production. Apples-to-Apples, it costs only 75% as much to make the same movie in New Mexico! If you use an in-state payroll service, you can also get the rebate on out of state talent expenditures. There is no minimum spend required, no cap, and no sunset clause. See nmfilm.com’s rebate cheat sheet for more information.
There is also an additional +5% rebate for television series and +5% rebate on residents for productions using sizable sound stages/sets
Rio Grande Insurance is your financial strategy partner Entertainment Industry Insurance Policies (E &O, Producer’s Risk, Workers Comp, Liability, Health, Businessowner, etc.) and bonding can be a significant portion of production costs, up to 10% total. Rio Grande is your financial partner to reduce these expenses, shop for your best value and get excellent coverage. All insurance premiums at Rio Grande are elegible for 25% rebate from the state.
When filming, there are hundreds of things that could halt production. We are here to ensure that you have the best coverage for those unexpected occasions. Weather, faulty equipment, and accidents are just a few of the things that could go wrong.
To prevent financial loss and ruin, we will give you the best coverage available on the market, including:
We have a simplified application (make the word application a hyperlink) that you can fill out and we can get you a very fast quote.
Productions may also desire (or lenders require) a film completion bond. This is not like any other type of insurance bond, but a much more involved product, taking over a month just to quote. A film completion bond is strongly in the interest of the lenders, but not always in the best interest of the producers and director, who risk losing control of the production if the budget is in danger of going over. Film completion bonds are not a “brokerable” product, and are much more than just “bonds,” which means that no one but a direct bond company employee can act as a film completion bond agent.
To quote a bond, you will need to contact a bond company directly. There are really only three players in the completion bond business:
For film productions, please contact Sam Levy, Film Division Insurance Manger, at 877-984-8216. The text version of the application we will first need for productions with budgets over $250,000 can be seen here, and we will also need current copies of the script, one-sheet/synopsis, complete budget, specific verification of amounts of cost of all hired vehicles, and a shooting schedule.
Contact Sam Levy, Film Division Insurance Manager, for a quote today: sam [at] riograndeins [dot] com.
Download a PDF of the Short Term Film Productions application here and fax it to (505) 984-8238, Attention:Sam (or scan and email to sam [at] riograndeins [dot] com ) OR Fill in our online short term production quote form to get a quote right away by email.