Canada’s insurance solution for the film and TV industry could see a CAD$100 million ($75 million) government backstop instated to help productions restart in the wake of the coronavirus pandemic, …
, has confirmed it has asked the federal government to contribute CAD$100 million to top up a “pledged reserve” of funds, pooled from the sale of coronavirus-specific insurance policies.
Producers will pay a premium to obtain COVID-19 insurance coverage, with those premiums then pooled into a reserve that could be accessed to pay out any insurance claims that may be filed. “The government would only step in where that pot of money was not sufficient to cover the amount of payouts,” explains Mastin, noting a “detailed dialogue” with government officials is ongoing.
The CMPA estimates “a very significant percentage of Canadian production,” particularly high-budget film and TV productions, will take part in the insurance plan, if adopted. One sticking matter, however, is restrictions on inbound travel. The U.S.-Canada border remains closed and a number of provinces, such as British Columbia, have a 14-day quarantine period for foreign nationals.
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