In general, insurance is governed by the law of large numbers, allowing for comparisons between insureds, standardized policy forms, and actuarial approaches. When it comes to the world of entertainment, however, most insurance coverages need to be tailored to the individual insured, and actuarial assumptions need to be re-evaluated given the unique business model of each insured. Industry benchmarks are typically non-existent, creating a need for non-standard approaches when working in the entertainment field.
This article was published in Insurance Journal
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