A restart for film and television is bearing down but looming uncertainty around COVID-19 insurance has the business on edge.
Pandemic insurance disappeared in March. Three months later there’s still no viable alternative to put many independent producers back on a path to completion bond backed financing. It’s pressing, as interrupted productions restart mostly covered by preexisting insurance, while new projects may remain in limbo.
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“Right now there is no insurance for [COVID] at all, at any price,” said Steven Ransohoff, CEO of Film Finances, at a recent panel hosted by Cinetic Media.
A few insurers are exploring limited policies that are very costly, between 10%-15% of total budget by some accounts. “Ridiculously expensive,” said one film executive. “It’s really not even like having insurance.”
These policies, said another, “will be limited to a couple of million dollars – maybe