More than four years after the Accident Offices Committee (AOC) of the Nigerian Insurers Association (NIA) started working on the insurance covers for the nation’s entertainment industry, the insurers are yet to design any product for the entertainers.
Since 2011, the committee had been working on the project and they examined various policies for the entire industry as obtained in more advanced countries, particularly in the United Kingdom.
In 2012, the committee stated that it had gathered the required documents in respect of the entertainment industry and that the industry had started work on the appropriate covers for the industry.
After having collated a lot of documents on the entertainment industry, the committee said it started working on them in 2013 to know the classes of insurance suitable for the entertainment industry in the country.
Last year, the Chairperson of the AOC, Nike Nihinlola, also informed that the committee intended to submit its reports to the governing council of the association before the end of the September 2014.
Again in 2015, the committee stated it was on the final stage of this project and that the policy should be ready for submission before the end of third quarter of the year.
It was gathered that the AOC, a technical committee of the NIA, took into consideration the risks prevalent in the entertainment industry with a view to designing tailor-made products for the industry.
In view of the fact that the nation’s entertainment industry is booming, it was believed that the industry needs insurance covers so that the industry can continue to thrive even when the unexpected happens.
While the history of the Nigerian film industry dates back to 1904 when the first Nigerian film Palaver was shot in Jos, stakeholders have argued that between then and now, there has not been any proper capacity development or legal framework for the film industry and most of the practitioners are ignorant of the importance, relevance and significance of having an insurance policy for the industry.
For the booming industry of home videos, experts say the cast and crew have to be adequately insured, while the film production equipment have to also be insured and the movies itself must be properly insured.