Government has announced a new £500 million scheme to kickstart film and television production struggling to secure insurance for COVID-related costs. On 16 October, the scheme was officially launched. Visit Marsh Commercial's website for the scheme's application process.
Film and TV Production Restart Scheme
TV and film productions across the country that have been halted or delayed by a lack of insurance will be able to get back up and running through support that fills the gap left by the lack of available insurance and cover coronavirus-related losses for cast member and crew illnesses and filming delays or disruptions caused by the ongoing battle against the virus.
The funding will be available to all productions made by companies where at least half of the production budget is spent in the UK and is estimated to cover more than 70% of the film and TV production market to the end of the year.
The deadline for productions to register for the scheme and restart shooting has been extended from December 2020 until 28 February 2021 to help even more productions access the scheme, reflecting ongoing uncertainty and the continued inability of productions to secure private insurance for coronavirus-related risks. The funding is available to all productions made by companies where at least half of the production budget is spent in the UK.
- The Film & TV Production Restart Scheme will be available to compensate productions after they have restarted, and only where costs are then incurred due to delays or abandonment as a result of Coronavirus.
- This is a temporary measure, supporting productions which commence filming before 28 February 2021 and for coronavirus-related losses through to the end of June 2021.
- It will be possible to back date any future claims for eligible losses to 28 July 2020, when the scheme was announced.
- There will be a total cap on claims per production of £5m, and productions will need to pay an appropriate excess when seeking to claim under the scheme, as well as an appropriate fee when joining the scheme.
- Productions will also need to purchase insurance to cover non-coronavirus risks to ensure their production is adequately insured.
- Productions will need to provide evidence that they cannot return to work because of a lack of insurance.
In the UK, the film and television production industry supports more than 180,000 jobs and contributes more than £12 billion to the economy annually.
Culture Secretary Oliver Dowden said: "From award-winning dramas, to iconic comedies and revered documentaries, the UK makes the films and TV shows the world can’t wait to watch. Today’s announcement means more clapperboards snapping into action in studios across Belfast, Glasgow, Cardiff, Watford and many more.
"Our screen industries are high growth, jobs creating and showcase the best of British creativity and innovation, and I’m pleased we can give them this jump-start to get the cameras rolling again on this £12 billion industry."