To begin, we will need to know some general information about you and your project. Contact us at the earliest stages of the financing process once your script, budget and shooting schedule are available, even if those elements are still being finalized. Please call us directly or, if you prefer, send us your Picture Information by email.
Next, unless we already know of your financing sources, we will ask you to furnish proof of your funding commitments. Proof of funds (POF) typically takes the form of a short summary describing each financier and investor that has committed to advance production funds, the amount of and, if applicable, any pre-conditions (e.g., script or cast approval, completing pre-sales) to their funding commitments, together with a fully-signed copy of a term-sheet, commitment letter or funding agreement. We do not require all production funds to be on deposit. We simply want proof that you have secured the funding commitments needed to fully cover all budgeted costs of production.
After POF is accepted, we will ask you to submit your key production elements (i.e., screenplay or teleplay(s), budget, shooting schedule and post-production calendar) to our Production Department, and all relevant financing, production, and distribution contracts to our Business Affairs Department. Whenever possible, we will assign the same executives to manage your account to promote trust, communication, cooperation, and expediency.
ur Production staff will review your key production elements and any additional Production Information
they may request. they may request. They are not judging your production’s artistic value or whether they believe it will meet with critical or commercial success. It is of the production plan and the persons responsible for executing that plan. They will review the adequacy of the budget and shooting schedule in relation to the scope of the script. They will take into account the locations, time frames, experience of key crew members, the individual producer and the director; all in an effort to ensure the production plan is reasonable and viable, and that the resources (personnel, time and money) that will be made available to you will be adequate for you to produce, complete and deliver your production as contemplated. The Production Department’s evaluation usually takes about one week to complete. Next, our Production staff will arrange to meet with your production team members (which may include the individual Producer(s), Director, Line Producer, UPM, Production Accountant, and department heads) to solicit their ideas and opinions on the budget and schedule including any unusual or challenging conditions. We will exchange recommendations for any warranted adjustments if we believe the level of the crew’s experience and skill, the duration of the shooting or post-production schedule or the budgeted costs of production are insufficient. We know unforeseeable events may befall even the best-managed productions. However, during this stage, our mission is to make sure that the production team will have sufficient resources and is thoroughly prepared to manage any anticipated challenges before cameras begin to roll.
At the same time as our Production staff is evaluating your production elements, our in-house Business Affairs staff will evaluate your legal rights and obligations under the relevant financing, production and distribution contracts. This usually takes about one week to complete.
If we are confident that your production team has the experience, expertise, and skill, and you have secured the contractual rights and financing needed to produce, complete and deliver the production within the available resources, then we will “underwrite” your project. This is an internal process during which we approve your submission and undertake to issue the completion bond for your production subject to legal documentation.
Once we underwrite your production, our in-house Business Affairs staff will ask you to furnish your Legal Information
and will start to prepare and negotiate the Completion Guaranty
, Completion Agreement
and other related legal documents including the Director’s Undertaking
, Completion Guarantor’s Power of Attorney
, Producer’s Power of Attorney
and Copyright Mortgage and Assignment
. You will also need to furnish (or have your insurance broker-agent furnish) proof that you have obtained the Basic Insurance Coverages.
The legal counsel representing each financier or investor in your production will prepare their respective Funding Agreements and collateral assignments or charges. Typically the legal counsel representing your principal financier will prepare Interparty Agreements, Intercreditor Agreements, Notices of Assignment, Letters of Credit, Laboratory Control Agreements and Deposit Account Control Agreements, as may be applicable. Whenever practical, we will use pre-negotiated contracts to help streamline and expedite the legal documentation process.
nce the completion bond and financing are finalized, we will monitor the progress of production from the start of principal photography through post-production and delivery by checking call sheets, wrap reports, production reports and cost reports
We recognize every production is different and some require greater service and support than others. We will adjust the level of our involvement as it is needed or requested. Our staff has encountered a wide variety of production difficulties. They are able to recognize the routine rigors of production without overreacting or feeling the need to intervene. If complications should arise, we approach each challenge with level heads and practical, collaborative solutions.
e have expertise and experience in fulfilling film, television and new media delivery and distribution requirements. Upon completion of post-production, we will work together with your internal or external post-production supervisor
to ensure all bonded delivery materials are properly manufactured and presented to principal distributors.
If necessary, we will assist you in correcting and resubmitting any missing or defective items. In most cases, we and your distributors will agree to resolve any delivery disputes by binding, expedited arbitration.
Our completion bonds are currently being issued directly by Atlantic Specialty Insurance Company (ASIC), which is an admitted carrier
and one of OneBeacon’s highly-rated and financially strong underwriting companies. ASIC takes full responsibility for adjusting claims and paying 100% of any completion bond losses. Accordingly, your financiers and investors, (1) should only need to confirm ASIC’s excellent financial strength rating and avoid the need to pore over the financial strength ratings of numerous insurance and reinsurance companies, and (2) will not have to separately resolve and enforce claims through multiple actions, in various jurisdictions against multiple reinsurers, which is often a prerequisite to any loss recoveries when dealing with other bond companies. Furthermore, OneBeacon has a dedicated claims department
with the expertise and experience to investigate and resolve any claim that may arise under our completion bonds. They will provide the forms, instructions, and assistance needed to process any claim. The UniFi team will provide its collective expertise, knowledge, and experience to help to ensure every claim is properly adjusted and quickly paid. UniFi’s re/insurance structure is designed to give you and your financiers and investors extreme legal and financial protection and security