UK Financier Great Point Launches Insurance Scheme
UK financier Great Point is partnering with Oxford Risk Management Group to provide Covid-19 coverage, and with Reel Media to supply the underlying production insurance, to the film and television projects in which they invest. Great Point says it has the capacity to insure $400M worth of production over the next 12 months. Any film or TV production which Great Point finances can access the insurance package, which is the first of its kind in the industry. Key areas excluded by insurers since the pandemic began to unfold earlier this year, including Covid-19 cast illness, crew and other personnel illness and Civil Authority shutdown, will all be covered by the new product. The product will be overseen by Peter A. Marshall, Managing Director, DeWitt Stern Entertainment, a risk strategies company. Great Point already operates a Production Program Master Policy, underwritten by Reel Media, the management team which issues film and TV policies backed by major global insurer Allianz.
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UK Cinema Org Calls For More Government Support
The UK Cinema Association, the trade body representing UK cinema operators, has launched social media campaign Keep the Magic Alive, aimed at persuading government to provide additional funding for its members, many of whom are struggling to survive the Covid-19 challenge. Actor and writer Stephen Fry has narrated the centerpiece to the campaign, a short film reminding viewers of the contribution that cinemas make both to individual and community well-being, and issuing a call for as many people as possible to contact their local MP to ask government to step in. While many smaller venues have received funding through the BFI and the devolved administrations, the UKCA is concerned not only that that may not be sufficient for them given the ongoing restrictions and lockdowns many face, but also that the largest operators – who account for some 80 per cent on the UK cinema market – have so far received no targeted support over and above that offered to business in general. As well as Stephen Fry, the campaign has already picked up support from director Edgar Wright and producer Nira Park.
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