Cannes Film Festival Not Covered by Insurance in Case of Cancellation
The Cannes Film Festival is among a number of events in France hanging in the balance in the face of the coronavirus outbreak and the government’s recent ban on gatherings of more than 1,000 people. In the event of a cancellation, however, the festival won’t be able to rely on an insurance claim.
The festival was given the opportunity by its insurance company, Circle Group, to purchase a buy-back option covering epidemics and pandemics around 10 days ago, and surprisingly declined it, according to a source at Circle Group, a leading insurance company whose client roster also includes the Cesar Awards — France’s equivalent to the Oscars. The buy-back option represented around 6% of the total price for the insurance package.
Because Cannes has declined to take the option, the festival won’t be covered if it needs to cancel — even if organisers’ hands are forced by a governmental decree.
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