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Libel Insurance for Authors Offered
-- 5/25/98
As authors are expected to cover increasingly higher deductibles in publishers' libel insurance, an insurance brokerage firm has developed a policy that will limit an author's exposure. The policy is being offered by AON/Albert G. Ruben, a major broker in the entertainment industry, and will provide authors with $250,000 of libel insurance.
According to Ruben's George Walden, authors who want a $1000 deductible will pay a premium of 1% of their advance or $250, whichever is higher. A deductible of $500 will cost 1.25% of the advance or a $350 premium, while a deductible of $100 will cost 1.5% of the advance or a $500 premium. All policies also include a $100 policy fee. The one-time premium per book covers an author for five years. Walden told PW that if the program is to succeed, he will need the support of the author community. For more information, contact Walden at (212) 627-7400.
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