The new UK-wide £500 million Film and TV Production Restart Scheme will help to get TV and film productions across the country, that have been halted or delayed by a lack of insurance, up and running again by giving them the confidence that they will be supported if future losses are incurred due to Covid-19.
It will fill the gap left by the lack of available insurance and it will cover Coronavirus-related losses for cast member and crew illnesses and filming delays or disruptions caused by the ongoing battle against the virus.
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.
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. Subject to state aid approval, the intention is that eligible productions will receive compensation for costs caused by Coronavirus delays up to a value of 20% of the production budget.
There will be a total cap on claims per production of £5m.
This is a temporary measure, supporting productions which commence filming before the end of the calendar year 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 28th July 2020.
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.
On announcing the Scheme the Chancellor of the Exchequer, Rishi Sunak, said:
“The UK’s film and TV industry is the envy of the world, and it’s vital that productions get the help they need to restart as part of our plan to kickstart jobs following the lockdown.
“This targeted scheme, which will help fill the gap created by the lack of available insurance, will help protect tens of thousands of jobs, from actors and directors through to camera operators, costume designers, and runners. The sector is worth over £12bn to the UK’s economy, so it’s right that we do what we can to help them reopen and get back to making the films and shows that we all love.”