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Paramount reportedly receives about $71M from Chubb unit in COVID case

Tom Cruise

Paramount Pictures Corp. has reportedly received about a $71 million settlement of its coverage litigation with a Chubb Ltd. unit over COVID-19-related delays in the production of “Mission Impossible 7.”

The lawsuit’s settlement was announced in July, but its details were not revealed at the time.  Several media outlets reported this week that Chubb unit Federal Insurance Co. paid Paramount about $71 million.

Los Angeles-based Paramount had more than $100 million in coverage for a single loss under its inland marine policy with Federal, which did not include a virus exclusion, according to the complaint in Paramount Pictures Corp. v. Federal Insurance Co., filed in U.S. District Court in Los Angeles in August 2021.

A Chubb spokesman said in a statement, “As a matter of company policy, we do not comment on individual claims.” 

A Paramount attorney did not respond to a request for comment.