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SD: Cannes President on turning down the insurance offer
“This offer was made to us some 12 days ago but it was totally disproportionate. They were only offering to cover us to the limit of two million euros ($2.2m) when our budget is 32million euro ($36m). It was peanuts,” Lescure told Le Figaro.
“The company was playing at being bounty hunters and of course we turned down this offer,” he added.
Lescure said the festival – which is financed by state funds and private sponsors – had big enough reserves to survive the financial fall-out if the 2020 edition was cancelled.
“The endowment funds we have put in place allow us to cope with a year without revenue,” he said.
SD: Cannes President on turning down the insurance offer Mar 11, 08:36
Makes a lot of sense. Premiums for that level of coverage probably didn't make sense. {nm} Mar 11, 08:49
though past outbreaks (SARS H1N1 Ebola) should have signaled that it's not exactly force majeure territory {nm} Mar 11, 10:43