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Korean insurer to pay on film flops

Export Corp. offers financiers money back

SEOUL — The state-run Korea Export Insurance Corp. is offering film export insurance that will include partial compensation to investors if a film’s a flop.

Launching this month, the insurance will be offered for a percentage fee to selected projects that are targeted at international markets or have secured significant pre-sale deals.

It will cover instances of nonpayment and other unforeseen risks.

In addition, KEIC will provide partial compensation to participants in selected investment funds that focus on films targeted at overseas markets. The Korean Film Council (Kofic) is may launch an international distribution P&A fund that would also be backed by KEIC.

On Thursday, the organization pacted with Kofic to cooperate in launching the new programs.

Kofic will recommend projects to KEIC and share expertise on the film industry in general.

KEIC was launched in 1992 under Korea’s Ministry of Commerce, Industry and Energy. This is the first time that the organization has widened its purview to include cultural products.

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