U.K. Sets Out $647 Million Insurance Fund for Film, TV Production

The U.K. has finalized its insurance solution for domestic film and TV production, with a £500 million ($647 million) fund set up to boost the industry.

Variety was first to reveal in May that a government-backed fund estimated to be in the hundreds of millions of pounds was being proposed by an industry taskforce.

The proposal effectively asked government for a guarantee around coverage for suspension or abandonment costs relating to COVID-19.

John McVay, chief executive of U.K. trade org Pact, led the industry’s working group on insurance as part of the BFI’s Screen Sector Task Force — a group that has worked diligently on potential solutions for the last three months. In the last few months, McVay has insisted, however, that the ball has been firmly in the Treasury’s court.

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