Bollywood has been at the receiving end of the shut down that followed the outbreak of the coronavirus pandemic. Now if the reports are to be believed, films including Akshay Kumar’s starrer Sooryavanshi and Ranveer Singh’s ‘83 might have to face some more loss as the insurance companies do not cover films that have not released in the theatres.
Radhika Madan, Kareena Kapoor Khan and Irrfan Khan starrer Angrezi Medium happen to be the last film that will be covered by the insurance as it saw its release just a day before the theatres were shut.
According to Mumbai Mirror, as senior official working in the insurance sector for films in a chat with the tabloid, said, “Since February, Coronavirus is excluded as a clause for any loss incurred by filmmakers during production. Film releases being postponed or filming rescheduled due to the outbreak are not covered by the policies. While epidemics are usually covered when policies are sold to the clients, Coronavirus has been excluded from pre-existing conditions. It’s like an insurance company won’t cover costs of a surgery if you buy a policy after diagnosis and learn that you need to undergo one.”
Meanwhile, Sumant Salian of the Alliance Insurance Brokers, explained how differing shoots is a precautionary measure and delaying releases a personal call. The film only gets approved for an insurance once it sees its release in the theatre.
Akshay Kumar’s Sooryavanshi and Ranveer Singh’s ’83 were scheduled for March 24 and April 10 releases respectively. The lockdown did not give the two a chance to hit the big screen, thus not making them valid for the insurance.
The theatres have now been closed for almost a month and they are at the highest loss right now. Talking about the same Sumant said, “If cinemas are shut for a month or two, that loss is irrecoverable, unlike the producers and distributors who can still earn after the release is delayed.”
Sumant added, “Theatres have staff on rosters, so they are bound to pay salaries even if they are shut for a month or so. Moreover, they have fixed costs like rent, electricity and maintenance.”
Apart from Sooryavanshi and ’83 other films that might face the losses are Parineeti Chopra and Arjun Kapoor’s Sandeep Aur Pinky Faraar, Varun Dhawan and Sara Ali Khan’s Coolie No. 1. Meanwhile, Salman Khan’s Radhe and Akshay Kumar’s Laxxmi Bomb seem to be the next in line if the situation does not comeback to normal.