Here are three important legal liabilities to be analyzed for a business plan within the entertainment industry, "general liability for shell corporations, errors and omissions, and event cancellation."
There are two ways to explain general liability for shell corporations. There is the standard way which is corporations without significant assets or operations and the other is, general liability for shell corporations provides full coverage that protects an entertainer.http://www.tvdco.com/home/entDetail.
General liability alone in its rightful way with the proper representation can help entertainers maximize their worth of being insured covering an extended range to pay for defense teams, disaster loss, interruption of performance, marketing theft, etc. It's how entertainers preside their business discretely to elude the overwhelming inquiring interest of the public's eye.
In other words, having an assistant to the entertainment can make the entertainer more vulnerable to damage and could be detrimental to his/her health as well as career rights. http://www.christianet.com/businesstraining/businessgeneralliabilityinsurance.htm
Errors and Omissions insurance is defined "a policy that covers legal liability and defense against lawsuits alleging unauthorized use of title, format, ideas, characters or plots, plagiarism, unfair competition or piracy." http://www.tvdco.com/home/eoDetail. This type of insurance also stipulates assassination/ or defamation of an entertainers character and privacy invasion.
Adding this type of insurance is said too complicated, perplex and time absorbing, that most of the time production companies will leave errors and omissions to an entertainment lawyer competent to handle such a legal matter.
All party's may obtain legal counsel or a company that specify's (error and omissions) may single handily facilitate the case.http://news.cnet.com/2100-1023-923532.html
When analyzing legal liabilities within a business plan it is also very crucial to be mindful of event cancellation insurance. "As a result of these postponed or cancelled events, many persons or entities stood to lose money." http://www.dicksteinshapiro.com/insurancecoverage/entertainmentindustry
It is wise that the insure do a collection of all receipts, signed contracts, number of demands due, (invoices) uncleared checks or payments, along side the entire mass communication prior in reference to the event. One should also keep a reminder to gather all the importance of information to why and how the event was revoked/cancelled.http://www.insuranceheadlines.com/Life-Insurance/5996.html
Final thought., if compensation agreements can not be agreed upon, the insurer and the insured can be appointed appraisal to come to some Alternative Dispute Resolution (ADR) to request an appropriate amount of dividends to compensate a fair estimate of the finance's due to the event cancellation.
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