Tom Cruise's much-anticipated spy thriller Mission: Impossible – Dead Reckoning Part 1, is set to be released in July 2023– 2 years behind its original schedule!
The Covid-19 pandemic pushed back several film shootings and Paramount Pictures’ latest MI instalment was no exception.
After more than 7 unexpected delays at several shooting locations cost the company a heap of money, Paramount was counting on its $100 million COVID-19 insurance agreement to offset its losses.
This was essentially a Film Product Insurance policy, under which any delays or cancellation in production due to a number of risks, including natural disasters, sickness outbreaks, accidents, etc. would be covered. This policy also covers instances of a director or cast member getting ill during filming prompting production stoppages.
But when Paramount approached its insurer for claims, all it got was a $5 million reimbursement.
Subsequently in August 2021, the production giant filed a lawsuit against its insurer claiming breach of their insurance contract and demanding the full $100 million coverage along with punitive damages and attorney fees. Both parties recently settled the lawsuit for an as yet undisclosed amount.
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