A New York congresswoman introduced a bill Tuesday to provide a federal backstop for coronavirus insurance claims. Insurance is one of the key unresolved questions in Hollywood’s race to resu…
Insurance is one of the key unresolved questions in Hollywood’s race to resume film and TV production. The insurance companies that typically underwrite cast insurance and other common policies have been unwilling to write new policies that would cover claims related to COVID-19.
“News media, news stations, Hollywood producers — everybody needs insurance,” Maloney said. “They’ve all weighed in in certain ways.” The bill would not affect past policies, but would give insurers some protection in writing future policies that covered COVID-19 losses.Under the bill, the government would pick up the tab for 95% of coronavirus-related losses, up to $750 billion. Insurers would pay the other 5%. Maloney said that industry groups representing the travel sector and retailers have been strongly in support of the bill.
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