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.
“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 $2 [million], maybe $5 [million]. But what’s going to happen if you...
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.
“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 $2 [million], maybe $5 [million]. But what’s going to happen if you...
- 6/26/2020
- by Jill Goldsmith
- Deadline Film + TV
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