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Paramount Pictures Corp. has settled its coverage litigation with a Chubb Ltd. unit over COVID-19-related delays in the production of its “Mission Impossible 7” movie.
Details of the settlement were not released.
Los Angeles-based Paramount had more than $100 million in coverage for a single loss under its inland marine policy with Chubb unit Federal Insurance Co., which did not include a virus exclusion, according to the complaint in Paramount Pictures Corp. vs. Federal Insurance Co., which was filed in U.S. District Court in Los Angeles in August 2021.
The complaint said production of the popular franchise was suspended seven times, because of crew illness and COVID-related government closure orders.
It states Federal paid $5 million for the losses associated with one covered person’s illness in February 2020, but otherwise refused to provide coverage, contending there was no evidence cast and crew members could not continue their duties despite being infected with the virus.
The complaint charged Chubb with breach of contract and breach of the implied covenant of good faith and fair dealing.
The settlement was announced in a court filing Wednesday.
Attorneys in the case had no comment or did not respond to a request for comment.