UK producers in talks to extend COVID-19 insurance scheme; Here's more

The coronavirus pandemic has put a sharp dent on the production of several films and TV shows all across the world. While many film studios are resuming production of their film projects, it has come at a major expense. The news has now surfaced that UK film producers are in talks with the government to extend their COVID-19 insurance scheme. Here is what you need to know on this issue.

UK producers in talks to extend their COVID-19 insurance scheme

The losses incurred in this pandemic has prompted the producers in the United Kingdom to ask for an extension in their COVID-19 insurance scheme, in addition to the approx. $664.6 million announced for them for the production of films and television shows. The producers are reportedly seeking six months extension, till June 2021 so that they can gather all the necessary information that can support their extension, according to Broadcast. The gathered information will be eventually be submitted to the Department for Digital, Culture, Media and Sport (DCMS).

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The producer’s body called Pact, has made a statement to Variety on this issue. The chief of Pact, John McVay has said that while the UK government has not yet given their approval on this extension, Pact is working to present them with their case. While this insurance scheme to counter the losses that COVID-19 has brought was being announced, the deadline given was till the end of this year, i.e., December 31 2020, which was later extended till February 28, 2021.

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Under the insurance scheme that was announced, each production had been previously provided with a support of $6.65 million with the productions being liable to pay an appropriate fee while joining the insurance claim and an excess while seeking the claim as well. That also had another condition saying that the productions would need to purchase other insurance with a better standard that can cover risks that are not related to COVID-19. 

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