£500m Government-backed Production Insurance Fund now open for applications

By Michael Wood Head of Performance

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The Government-backed Film and TV Production Restart Scheme is now officially live as at the 16th October 2020.

This scheme provides insurance for production companies for future Covid-19-related losses, notably for filming delays resulting from illnesses amongst the cast and crew.

Production companies can now register and apply for the scheme whose deadline has also been extended from December to 28th February 2021.

To help you understand the scheme, we have put together a few points on the criteria or limits that apply:

New and pre-existing films and TV series are eligible, to help productions beginning filming before 28th February 2021
It will be possible to apply to backdate any future claims for eligible losses to 28 July 2020 when the scheme was announced
The maximum production budget for the scheme is set at £30m but the Department for Digital, Culture, Media & Sport (DCMS) will consider budgets over £30m on a production-by -production basis
There must be at least 50% UK spend within the budget
A maximum 20% of the production budget can potentially be claimed for costs incurred caused by Covid-19 delays
A maximum 70% of the production budget can potentially be claimed for costs incurred caused by Covid-19 abandonment
The cost of the cover is 1% of the budget
The excess is £1,000
Maximum pay out for claims per production is £5m
You will need to provide evidence you cannot source insurance from a specialist and provide this as part of substantiating your claim. Please contact your Performance contact who can help support this element of your claim.

These points should only be used as helpful guidance. For full information on the scheme, you can head to the following sites:

Government Press release

Film & TV Production Restart Scheme Rules

For detail on the application process and to apply, click here.

Have any questions? Feel free to reach out to us on performance2@performance-insurance.tv and we’ll be happy to help you.

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