"After being given industry status by the centre, the filmdom has opened up opportunity for big business for the insurance firms," a Tata official told The Financial Express. Though a virgin area, film insurance consultancy can be undertaken on the lines of existing consultancy given to any other project, sources said.

Film insurance can be undertaken in two ways, the Tata official said. In case the products are available in the country, the Tatas can advise the right kind of risk cover as well as the right company to the film producers.

In case the products are not available in the domestic market, the Tatas can firstapproach re-insurance from a global outfit for a particular cover, with permission from the General Insurance Corporation, and then get the cover underwritten in the domestic market.

Worldwide, the insurance companies take sizeable risks in offering cover to the filmdom. The USA is the world's largest film insurance market. "All Hollywood and British film are insured," said the Tata official.

"The foreign producers who shoot in India are all covered by insurance. For instance, the Indo-USSR joint venture `Shalimar' was fully insured with Dharmendra, Zeenat Aman and Rex Harrison taking cover," a General Insurance Corporation source said.

"We will underwrite the risk for film shootings also," said a New India Assurance official. "Any film can be insured in whichever way the producer wants. We are ready to provide insurance cover," he added.

Even the film stars can be insured for injuries or unexpected illness, he said. The film producers can also insure their property like cameras and other equipment,which they carry while shooting, sources said.

"Let the producers come to us with proposals. We will guide and assist them in every respect. We do not know what type of insurance cover they would want - whether they want only the stars to be covered or the sets or even days of shootings on the lines of one-day cricket matches. The weather is a risk factor. Then there are incidents like accidents, riots and arson that can affect shootings," the New India official said.

Since the state-run banks are planning to finance only those films which have taken insurance cover, producers have been advised to go in for insuring the entire project, including artistes and technicians, even if it costs more.

Former managing director of National Film Development Corporation Ravi Gupta has already taken some initiative in this regard. Before quitting NFDC, he had even planned to go in for credit-rating film ventures. Insurance officials have pointed out the difference in the conditions of the film industry in India andabroad.

"Overseas, the production schedules are planned and executed. Besides, the stars there work in one film at a time. There are are also middlemen like underwriters who see to it that the films are completed as per schedule. This system has not yet been adopted by the Indian film industry. The producers and even the stars have to change their ways if they want to avail of the insurance cover," an industry source said.