Thousands of shoots around the world shut down abruptly in March as the novel coronavirus spread and governments imposed lockdowns.
Without coverage, many producers cannot get the completion bond, or guarantee, that banks require to lend to productions. Although some countries have controlled or eliminated the virus, cases have resurged elsewhere, including the United States. Media Guarantors Insurance Solutions, which provides bonding, has seen business fall 80% during the pandemic, said Chief Executive Fred Milstein. Producers are watching the new rise in U.S. COVID-19 cases closely as they consider rescheduling.While big studios can self-insure, independent producers, who turn out 70% of new films and numerous TV shows in the U.S. each year, are looking for alternatives, said Jean Prewitt, chief executive of the Independent Film & Television Alliance.
“You cannot get a completion bond because right now insurance doesn’t cover COVID,” he said. “Everybody is worried about the movie being abandoned.” Independent producers are also looking for private investors to provide insurance, or moving to countries that have government backing for pandemic risk, said Brian O’Shea, chief executive of The Exchange, a movie sales, financing and production company. He hopes the U.S. will provide similar support.
Wow. As long as it is a natural disaster?
I'm sure health insurance companies would be happy if they could designate 'living' as a preexisting condition.
Dr Kelly Victory MD Disaster Preparedness and Response DrKellyVictory news
I am surprise that animated movies are not being made.
With much of the public unwilling or unable to go out, there is demand for entertainment. Where there is demand the market always finds a way to supply. Perhaps the millionaires we're used to seeing won't come to work, but there are talented actors who need money.