Paramount reportedly receives $71m from Chubb unit in Covid case

Paramount Pictures has reportedly received a $71m settlement from its coverage litigation with a Chubb 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 paid Paramount about $71m.

Los Angeles-based Paramount had more than $100m 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.

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.

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