However improbable it may seem, the Cannes Film Festival has not yet been canceled in the wake of the coronavirus pandemic. On Thursday, festival organizers told Deadline that the annual film event was still scheduled to carry on as planned May 12-23.

“The festival staff members are currently working to prepare the event scheduled, as usual, the second week of May,” organizers said.

A spokesperson added, though, that while there were no plans to cancel the festival, a decision for how it might have to be modified in the wake of COVID-19 will be made at the end of April. “For now, no date has been set for a decision [on whether to cancel],” the spokesperson said. “The festival will announce its selection on April 16th and by the end of April we will evaluate in which configuration the festival will take place.”

These declarations arrived just a few days after festival president Pierre Lescure said he was “reasonably optimistic” that Cannes would not be canceled this year.

“We remain reasonably optimistic in the hope that the peak of the epidemic will be reached at the end of March and that we will breathe a little better in April,” he told French outlet Le Figaro earlier this week. “But we are not oblivious. If not, we will cancel.”

So, it seems Cannes will carry on until the government intervenes and forces it to close up shop. The French government has already barred gatherings of more than 1,000 people in the country in the hope of slowing down the pandemic. In 2019, an estimated 40,000 people attended Cannes, pushing it way over that particular threshold. France has one of the biggest coronavirus outbreaks in the world: there were more than 2,800 cases across the country as of Friday. At least 61 people have died.

One early theory about Cannes’s refusal to cancel is that the festival’s insurance policy may not be up to snuff, leaving the organization vulnerable to a punishing financial blow. Lescure had addressed those reports, saying the festival was approached about by an insurance company “about 10 days ago, but it was totally disproportionate. We were only offered to cover ourselves up to $2.3 million, while our budget is $36 million. It was really peanuts. The company was clearly playing the bounty hunters, and we of course declined this proposal.”

Insurance plans for events such as Cannes might not cover disease-related losses, as the Wall Street Journal explains—leaving a large financial burden on the fest’s own shoulders should it shutter. Look, for example, at South by Southwest—the Austin festival that has an estimated $350 million economic impact on the city. It was one of the first major festivals to be canceled as a result of COVID-19 concerns—but Roland Swenson, the cofounder and chief executive of the festival, told the WSJ that its insurance didn’t cover disease-related cancellations. SXSW has had to lay off about a third of its year-round staffers.

A handful of other festival execs told the WSJ something similar, while several insurance company execs noted that they have not been severely impacted by the number of high-profile cancelations. There are some circumstances in which insurers might have to foot the bill, including if a headlining act comes down with a disease, or if the government imposes a ban on public gatherings, the newspaper reported. If France’s ban on gatherings continues through May, Cannes might have a case.

Following SXSW, several other festivals such as Coachella, CinemaCon, and the Tribeca Film Festival all announced they were canceling or delaying their respective events. Perhaps as time goes on, Cannes will eventually follow suit.

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