Most insurance companies, which are crucial to a solution, do not support PRIA. Under it, no federal money would kick in until insurers’ losses exceed an aggregate $250 million trigger. After that, they would pay 5% of claims with the government backstopping the rest.Hundreds Of Film Projects Lost Since Pandemic Insurance Vanished, IFTA Boss Tells PRIA Sponsor
It’s been taking a long time to focus D.C.’s attention on a nation-wide business insurance crisis. But then again, Congress is still gridlocked over basic unemployment benefits. The BCC said it’s working with stakeholders on a public-private business interruption insurance program that, in the event of a government-ordered shutdown like COVID, will let employers keep payrolls and supply chains intact, limiting job losses and furloughs, reducing stress on the financial system and speeding economic recovery when government-imposed limitations are lifted.
Patrick Kilcur, executive vice president, Motion Picture Association, and Prewitt called the BCC’s efforts vital.“The American film, television, and streaming industry is a strong contributor to the U.S. economy, supporting more than 2.5 million jobs in all 50 states. COVID-19 has caused enormous uncertainties and challenges for our industry.
Source: News Formal (newsformal.com)
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