“Mission: Impossible 7” is scheduled for release in the United States on July 14th, 2023, by Paramount Pictures. That is two years behind their originally scheduled release date, thanks to the Covid-19 pandemic. It turns out this delay has cost the movie’s insurance company a decent chunk of money.
The studio filed a lawsuit against Chubb Limited back in August 2019, alleging that the insurer was attempting to restrict its losses to $1 million. Paramount claimed that it was entitled to significantly more and that the COVID-19 shutdowns should have triggered cast insurance coverage with a $100 million limit.
According to Variety, the case has now been settled. Paramount has reached a confidential settlement with the Insurance company. The two parties said in a joint statement that their agreement is almost finalized.
A formal written settlement agreement has been prepared and is being commented on and finalized. The parties anticipate executing a final written settlement agreement by August 5, 2022.
For the first shutdown, Chubb paid out $5 million on the cast insurance coverage. However, on subsequent shutdowns, the insurer claimed that the cast insurance policy had not been activated, and that liability was restricted to $1 million under the policy’s “civil authority” provision.
Mission: Impossible – Dead Reckoning Part One is directed by Christopher McQuarrie. The film’s production began in February 2020, but soon went on hiatus due to the pandemic. The movie stars Tom Cruise, Ving Rhames, Simon Pegg, Rebecca Ferguson, and many others. It seems the hiatus ended up becoming a big payday for the cast.
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