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Hollywood talent agency CAA sues insurer over COVID-19 losses

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Creative Artists Agency sued its insurer Affiliated FM Insurance Co. on Friday for failing to cover losses suffered due to the COVID-19 pandemic.

Century City talent agency said it believes its insurance policy should cover the financial impact of COVID-19 on its business, including canceled live events and Hollywood productions.

Instead, its insurer only covers losses that fall below the sub-limits of $ 100,000 under its communicable disease coverage. Affiliated FM only covers a small fraction of the losses CAA suffered as a result of the pandemic that is actually less than the premium paid by CAA during each of the insurance periods involved in this action, CAA said in its lawsuit.

CAA reasonably believed that it would be covered for unprecedented and unforeseen losses, including losses associated with the interruption of its business operations due to the spread of SARS-CoV-2 and COVID-19 and the shutdown orders of the related government, the CAA said in its lawsuit.

The lawsuit, filed in Los Angeles Superior Court, did not specify the amount of loss and damages sought by the CAA.

An AFM representative said in a statement that the company values ​​its long-term relationships with policyholders.

It’s unfortunate when legal issues arise because we firmly believe our insurance policies are clear on the coverage provided, said Steve Zenofsky, an AFM representative.

CAA is among other Hollywood companies suing insurers over coverage disputes. Last year, the Beverly Hills-based United Talent Agency sued Vigilant Insurance Co. and Federal Insurance Co. for breach of contract. In July, a judge ordered the dismissal. UTA has filed a notice of intention to appeal.

Talent agencies, along with other entertainment companies, suffered significant business difficulties during the pandemic, taking cost-cutting measures such as layoffs. In July 2020, CAA cut 90 agents and executives.

Sources

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2/ https://www.latimes.com/entertainment-arts/business/story/2021-09-14/hollywood-talent-agency-caa-sues-insurer-over-covid-related-losses

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