Who Covers Pandemic Losses?

Perhaps one of the most significant questions of 2020 will be who, besides the national governments, will take the biggest hit from the global work stoppage due to the corona virus?

In France, Variety reports that film and tv producers, together with the government, are now pressing insurance companies to effectively re-write their policies to share in the pain.

Screen Shot 2020-04-01 at 8.53.21 AM

The allies in this effort include the ministries of finance and culture, the National Film Board and the French producers guilds have approached several insurers to cover the gap between what the government will pay to employees who have lost work due to the pandemic.

If the insurers won’t do it, then the producers will petition the government to do something like the fund that was created in 2002 “to cover damages due to terrorist attacks, which had been excluded from insurance policies after 9/11 attacks.”

This essentially makes the taxpayer the insurer of last resort.

https://variety.com/2020/film/global/french-producers-clash-insurance-coronavirus-damages-1203549858/

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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