”These insurance policies will not provide any budgetary relief for work stoppage, related to COVID-19 issues, in the near future,“ Brian Kingman from Gallagher Entertainment says
Six months into the coronavirus pandemic, many Hollywood companies still can’t head back into production on film and TV projects because of one major roadblock: Insurers have made no moves to incorporate pandemic coverage into policies, leaving big studios to self-insure and smaller production companies to seek pricey alternatives — or gamble on shooting without any coverage at all.
Productions that bought policies before March are largely safe, as multiple insiders tell TheWrap that most policies procured before the pandemic shutdown did not have COVID-19 or infectious disease exclusions, and cast insurance and civil authority policies cover expenses incurred due to the coronavirus. However, any policy written since March now has a “platter of exclusions” as insurers seek to mitigate potential losses, according to Brian Kingman, managing director at Gallagher Entertainment, who helps find coverage for Hollywood’s stars. Plus, no major insurance carriers will offer COVID-related coverage moving forward.