NASHVILLE SONGWRITERS ASSOCIATION INTERNATIONAL & FROST SPECIALTY ANNOUNCE FIRST GROUP COPYRIGHT INFRINGEMENT POLICY
Premiums Will Be Reduced Dramatically
New Coverage Levels Available
Nashville, Tennessee (July 16, 2009) - The Nashville Songwriters Association International (NSAI) and Frost Specialty have announced the creation of the first-of-its-kind Group Copyright Infringement Insurance Policy for songwriters, artist-songwriters, composers and music publishers. This unique group insurance plan will dramatically reduce the cost of infringement-insurance premiums while establishing lower available coverage limits."Until now, this kind of coverage was cost prohibitive or unavailable to most songwriters," said NSAI President, Grammy-nominated songwriter Steve Bogard. "Typically a songwriter or composer had to purchase a minimum of $1,000,000 in infringement coverage when in fact, the majority of infringement claims are resolved for less than $100,000," Bogard continued. "We addressed that problem and the overall cost of such insurance."
The NSAI/Frost Group Copyright Infringement Policy will offer coverage amounts beginning at $100,000 for less than $1,600 annually. This amount of coverage should provide adequate protection for most songwriters and composers. Coverage at this low level was generally unavailable prior to creation of this group plan….most coverage amounts began at $1 million.
For those who require more coverage, the premium for $1 million under the NSAI/Frost Group Copyright Infringement Policy will be roughly $12,000. Current marketplace rates can cost up to two times that amount. The policy also offers a unique provision that will allow songwriters to be involved in the decision to settle claims.
"We are very pleased to team with Nashville Songwriters Association International to offer this new product to its members. With the buying power of 5,000 association members we were able to design a program to meet the insurance needs of songwriters. This product is a first in the marketplace as it provides coverage designed to protect the songwriter, the ability to offer limits from $100,000 to $1 million, extremely competitive premiums and a simplified application process," says Frost Specialty President Robert Frost."
"NSAI worked hard to create this member benefit for professional songwriters," said Bogard. "Offering market place protection is vital because an infringement suit can be devastating to a songwriter's savings and royalty income stream."
Contact Robert Frost at 615.322.9171 for more information.
About NSAI: The Nashville Songwriters Association International (NSAI) is the world's largest not-forprofit songwriters' trade organization. Established in 1967, the membership of more than 5,000 spans the United States and seven international countries. For over 40 years, NSAI has been dedicated to protecting the rights of and serving aspiring and professional songwriters in all genres of music. For more information, visit www.nashvillesongwriters.com.
About Frost Specialty: Frost Specialty is a third generation insurance agency located on historic Music Row in Nashville, TN. Over the past 25 years, Frost has become a music industry specialist by developing custom programs for the entertainment industry. This keen focus on a specific industry, use of state of the art automation systems and a dedication to service has set Frost apart. An agency with global reach, Frost provides one-on-one risk analysis, a commitment to confidentiality, the world's leading entertainment and personal insurers, and the flexibility to deal with clients' unique insurance needs. For more information please visit www.frostspecialty.com.
Contact:
Erin Burr – NSAI – 615.256.3354 – erin@nashvillesongwriters.com
Kristin Frost Ferragina – Frost Specialty – 615.322.9171 - kristinf@frostspecialty.com