Film Completion Bonds

As part of Kerry London’s completion bond offering that launched in 2019 backed exclusively to Kerry London by MunichRe we have also teamed up with completion bond risk management specialists Guaranteed Completions. Guaranteed Completions provides Risk Management Services throughout the life of the Production through to Delivery, Payment of Receivables or until Off-Risk. Guaranteed Completions‘ expertise extends not only to the traditional markets of Europe, the USA, Canada, Australia and New Zealand, but also to emerging markets.

The team at Guaranteed Completions have over 20 years’ experience in film completion bonds and have worked on productions ranging from large studio productions down to small independent film. Having this level of expertise they can help guide and offer advice to our clients and producers in order to maintain that productions stay on time and within budget even in crisis.

What is a Completion Bond?

A Completion Bond insures that the Production will be delivered on Time and within Budget.

Alternatively, the Insurance Company can choose to provide additional funds to Complete and Deliver the Production or can abandon the Production and repay the spent funds to such parties to the extent covered by the Completion Bond.

A Completion Bond provides the Risk Management which oversees the Production and Delivery. Guaranteed Completions will act as this Supervising Entity.

When the Insurer agrees to issue a Completion Bond to a particular Production this is a recommendation to the Investors that the particular film project in question is deemed sound. Conversely, the non-issuance of a Bond can be a warning to Investors that the project is not a sound one.

Why should a Production have a Completion Bond?

A Production takes time to mature and is never a spontaneous event. It takes strategy, planning and funding to make a Film Production into a reality. It also takes modern technology and modern marketing to assure awareness for a film’s distribution … and finally it needs Investors who want to benefit financially from being involved in the Film.

A Completion Bond oversees the full financial make-up of the Film. It is an audit of the Production, including Pre-Production, Post-Production and Delivery, all being monitored while the process of Production and Delivery is happening.

A Completion Bond has full takeover rights. The Insurance Company has the legal power to finish and deliver the Film in the manner the Investors agreed to invest in the first place. The Insurance Company provides both security for the Investors and a line of defence against many problems that can arise in a Production.

In summary, the Completion Bond will provide the solutions to many problems that are presented

The Completion Bond Life Cycle

The Insurers require constant reporting during the Period of Cover of the Completion Bond and the Media Credit Insurance.

Pre-Production

• Constant Updates

Principal Photography

• Daily Call Sheets
• Daily Shooting Reports
• Scenes for review, to check progress
• Weekly Cost Reports and Cashflow Statements
• Visiting the Set 1-2 times (Risk Manager)

Post-Production

• Monthly Progress Reports
• Scenes for review, to check progress
• Monthly Cost Reports and Cashflow Statements
• Visiting Post-Production (if Visual Effects heavy or Animation)

 

Key Contacts

Terry Allen

Senior Media Underwriter

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Patrick Martin

Head of Kerry London Underwriting

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Ansley Williams

Senior Account Executive

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Callum Wicks

Underwriting Supervisor

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Contact us

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Chris Watkin

Chris manages Business Development at Kerry London Underwriting and will be in touch to discuss your enquiry