HomeMovie News‘Mission: Impossible 7’ Delays Settle Insurance Suit

‘Mission: Impossible 7’ Delays Settle Insurance Suit

In August 2021, the studio filed a lawsuit against the insurer, alleging that it was trying to limit its losses to just $1 million, which the insurer denied. During the COVID-19 shutdowns, Paramount claimed that it owed far more than that, and that it should have been covered by a cast insurance policy with a limit of $100 million, as a result of the shutdowns of COVID-19.

A mediation session was scheduled to take place between the two sides on Thursday in order to resolve their dispute. After a long and drawn out legal process, the parties finally reached a settlement on Wednesday, according to a notice filed in federal court.

It was announced that a formal written settlement agreement has been prepared and is currently being reviewed and finalized by both parties. There is an expectation that the parties will be able to execute a final written settlement agreement by the end of August 2022.”

As a result, the release date for “Mission: Impossible 7” has been moved up to July 14, 2023, two years ahead of its original release date. As soon as the pandemic began spreading around the globe in the middle of February of 2020, production began. In the end, there were seven times during which production was halted.

For the first shutdown, Chubb did pay out $5 million under the cast insurance policy that it had purchased. In later shutdowns, however, the insurer took the position that the cast insurance policy was not triggered, and the insurer’s liability was limited to just $1 million under the “civil authority” provisions of the policy at the time of the shutdown.

It is common for productions to obtain cast insurance in order to safeguard themselves against the risk of incurring massive costs in the event that the director or one of the film’s stars was to fall ill or die during production.

In Paramount’s opinion, the cast insurance policy should have been triggered, since the shut-downs of the set were designed to keep the principals from becoming ill as a result of the shutdowns. The insurance company argued that the productions were shut down due to government orders, which triggered the civil authority provision of the policy, which is normally meant to cover events such as riots and hurricanes.

In an amended complaint, Paramount also accused Chubb of attempting to cut off coverage for the upcoming film “Mission: Impossible 8,” which began filming earlier this year. Chubb notified the studio in October, that the policy would expire on Dec. 31, 2021, and that it would not be renewed.

As a result of Chubb’s promise, the studio said that they would extend the policy as needed until the production was completed. In addition, Paramount claimed that Chubb offered to extend the policy, but only if the premiums were drastically increased or the coverage was severely reduced in order to do so.

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Dakota Cameron is a seasoned web content writer and covers the Hollywood movies for the MovieThop Website
Ms. Cameron began his professional life as a freelance blogger. Later, he worked for Witbe as a content writer for two years. His interests include blogging, reading, movies and travel.
Ms. Cameron graduated in Journalism and Mass Communication from University State of Georgia University. He is fluent in French, Spanish, and other languages.