What version of Premiere Elements and on what computer operating system is it running?
If it is Premiere Elements 13/13.1, then I will tell you that there is a known No Disk error with 13/13.1. The Adobe solution for the issue is to delete or disable the file named OldFilm.AEX.
For Windows 7, 8, 8.1, and 10 64 bit, the file is found
Local Disk C
Adobe Premiere Elements 13
and in the NewBlue Folder is the OldFilm.AEX file that you delete or disable by renaming the file to OldFilm.AEXOLD.
Please let us know if that works for you. If you have other than 13/13.1, there are other explanations for the appearance of a No Disk error.
Then give more details.
I have version 13.0 and running Windows 7, I eliminated the file and this fixed the problem. Thanks
Thanks for the follow up great news that Premiere Elements 13/13.1 No Disc error was fixed by deletion of the OldFilm.AEX file.
Good feedback to have for those whose face the same issue in 13/13.1.