Paramount Settles Insurance Suit Over ‘Mission: Impossible 7’ Delays

variety.com:

Gene Maddaus Senior Media WriterParamount has reached a confidential settlement with Chubb, its insurer, over claims arising from repeated COVID-19 production delays on “Mission: Impossible 7.”The studio sued in August 2021, alleging that the insurer was trying to limit its losses to just $1 million.

Paramount alleged that it was owed far more than that, and that the COVID-19 shutdowns should have triggered a cast insurance coverage with a $100 million limit.The two sides were set to begin mediation of the dispute on Thursday.

But on Wednesday, they filed a notice in federal court indicating they had reached a settlement.“A formal written settlement agreement has been prepared and is being commented on and finalized,” the parties stated. “The parties anticipate executing a final written settlement agreement by August 5, 2022.” “Mission: Impossible 7” is now set for release on July 14, 2023, two years behind its original schedule.

Production began in February 2020, just as the pandemic began to spread around the globe. Ultimately, production had to be halted seven times.Chubb did pay out $5 million on the cast insurance policy for the first shutdown.