Lloyd’s broker Tysers has reported that the UK’s £500m Production Restart Scheme (PRS) for film and TV shoots has been extended for another six months.
The scheme was first launched in July 2020 to help the film and TV industry recover from the pandemic by underwriting COVID-19 related delays.
This gives productions the confidence that they will be supported if future losses are incurred due to the pandemic.
Many of the films long listed for the 2021 British Independent Film Awards (BIFA) in December 2021, which reward the best independent filmmaking and filmmakers in the UK, have benefited from the scheme.
Tysers advised the Government on the initiative, and helped clients benefit from the scheme. The PRS has supported over 750 independent film and TV productions and over 65,000 screen sector jobs in the last 12 months.
The extension will support a further 400 productions and help protect an estimated 34,500 jobs, according to the DCMS.
Paul Hillier, Director Media, Film & TV, played an important role advising the Department for Culture, Media & Sport (DCMS) on setting up and adapting the UK Film & TV Production Scheme, to help productions across the country get back up and running.
Hillier commented: “It’s fantastic news that the Government has extended the UK Film & TV Production Scheme. Navigating the last 18 months has been incredibly challenging for the industry. With no commercial insurers offering cover, the PRS was the only way to get projects back into production and the industry back on its feet.
“I was delighted to be involved in advising the DCMS on the scheme, which has provided crucial support for a huge number of our clients. While the rate has increased from 1% to 2.5%, the scheme is the most cost effective of way of covering a production for Covid-19 related delays.”
Polly Leys and Kate Norrish, co-founders of independent production company Hillbilly Films and producers of BIFA-nominated feature film Pirates, added: “We insured Pirates with Paul and his team at Tysers.
“Unfortunately, we had to shut down production for six months due to Covid-19 and had to make a complex claim. We were really grateful for all of the support and advice we got from Tysers. Their help really eased the whole process.”