Hundreds Of Film Projects Lost Since Pandemic Insurance Vanished, IFTA Boss Tells PRIA Sponsor
A whopping 250-400 films have bitten the dust due to lack of pandemic insurance, said Jean Prewitt, president and CEO of the Independent Film & Television Alliance, speaking Thursday at a roundtable organized by Rep. Carolyn Maloney (D-NY) to discuss the Pandemic Risk Insurance Act, or PRIA.
Maloney introduced the bill in May in response to the economic devastation of COVID-19 across industries. Insurers, starting in March as they faced an ocean of claims, uniformly discontinued pandemic insurance on new policies.
This year has been “disastrous” for indie content producers with production and cinemas shut down around the world, Prewitt said at the virtual meet, noting costs have accrued as companies, cast and crews wait for month after month wondering when, if ever, production can start up again. “The U.S. is seeing 250 to 400 films lost this year that would have been produced and will not be,” she said.