Anderson Benson, a privately-held insurance and risk management firm headquartered in Nashville, has been appointed as a Coverholder by Lloyd’s of London for a worldwide Media Liability E&O (errors and omissions) program.
Anderson Benson has been covering songwriting, composing, producing, creating, and distribution; licensed or original music content; all forms of dissemination including online, commercial release, streaming, TV commercials, background music for programs and movies; actions for emotional distress arising from the music content and associated advertising and promotional videos and more since inception.
The firm’s coverage is made up of Music, Publishing, Film, and Social Influencing and is tailored for each sector including songwriters, composers, music catalogues, artists, record labels, music publishers and social influencers. Anderson Benson’s coverage is broad in form but the key component is music copyright, including affirmative cover for royalties forming part of a damages settlement.
Now, as an appointed coverholder by Lloyd’s of London, Anderson Benson has expanded its coverage and now has the authority to underwrite, make decisions and issue coverage in-house.
“This coverage is critical in today’s environment for a lot of reasons,” says George Anderson, president and co-founder of the firm. “It had not been modernized in years, so this is revolutionary from an insurance and risk management standpoint in that it’s been years since this coverage has been updated. The world changes about every six months now, and this coverage is very nimble in that way. It’s changing on a monthly basis and our coverage very fluid on terms. Social influencers were not even a part of this a year ago, now it’s a very large part of it.”
Brent Daughrity, a partner at Anderson Benson, speaks on the value of social media content as intellectual property, and how social influencers can benefit from protection. “It’s no different than a song. It’s original content that is filmed, produced and released. The big thing is protecting them in the event that a suit is brought alleging infringement in some way.”
Additionally, Anderson Benson can protect social influencers from regulatory fines—a fee that can be accrued when a social media post does not disclose a paid advertising agreement—as well as NFTs (non-fungible tokens) and future unknown risks.
“What we have done is created wording within the policy forms to pick up these new exposures,” Daughrity says. “Prior, the forms were really black and white, associated with a true songwriter or true film producer. That’s the flexibility of being appointed Coverholders with Lloyd’s. We have the ability to manuscript coverage as needed.”
Anderson sums, “Copyright infringement, intellectual property, errors and omissions, those are all critical risks and perils that protect anybody’s balance sheet—whether it be the owner of a catalog, a songwriter, a social influencer, or anyone in between.”
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