A £500 Million insurance fund for productions has been greenlit
October 21, 2020 | Uncategorized
A £500m Film and TV Production Restart Scheme has officially been greenlit in collaboration and approval from the EU.
Productions can apply to receive compensation for coronavirus-related losses including past present or future filming delays caused by staff or crew issues and could include support for well over 40,000 applicants.
After months of campaigning, and with support from industry experts, they have managed to secure an insurance bond that will partially underwrite the cost of production due to a second lockdown.
UK culture secretary Oliver Dowden comments “ I am delighted that this half a billion-pound scheme will get cast and crews back to doing what they do best. This move will help support tens of thousands of jobs, provide work for creative freelancers, and get cameras rolling across the country.”
“Today’s news is… testament to the huge joint effort made by government and industry working together to find a solution to the insurance issues which have impacted production globally as a result of the pandemic.”
Mothering Sunday from Nuber 9 Films has applied for the scheme, having been one of the first to enter into production after the first lockdown.
- The Film and TV Production Restart Scheme is available to compensate productions after they have restarted, and only where costs are then incurred due to delays or abandonment as a result of Coronavirus.
- It is a temporary measure, supporting productions which commence filming before 28 February 2021 and for coronavirus-related losses through to the end of June 2021. It will be possible to back-date any future claims for eligible losses to 28 July 2020 when the scheme was announced.
- There will be a total cap on claims per production of £5m, and productions will need to pay an appropriate excess when seeking to claim under the scheme, as well as an appropriate fee when joining the scheme. Productions will also need to purchase insurance to cover non-coronavirus risks to ensure their production is adequately insured.
- Productions will need to provide evidence that they cannot return to work because of a lack of insurance.