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Insurance may not cover Sony’s $100 million ‘Interview’ loss

By
Claire Atkinson
Published Dec. 18, 2014, 10:21 p.m. ET

Sony is going to have a tough time recouping the nearly $100 million spent on making and marketing its now-shelved movie, “The Interview,” experts said Thursday.

Despite the cyber-terrorist hackers’ threats of violence at theaters that showed the Seth Rogen and James Franco comedy, it would be hard to cash in on an insurance policy on terrorism claims, according to insurance consultant Eric Moody.

The term “act of terrorism” has to be certified by the federal government — and it usually needs the damage to have occurred within the US, said Moody, VP of Entertainment at Frankel & Associates, the Los Angeles brokerage with a focus on movie, TV and concert promoters.

While Sony has suffered damage to its infrastructure as a result of hackers who shut down the company’s communications network, the government has been careful about how it is describing those acts, he said.

Sony canceled the Dec. 25 release of “The Interview” — which depicts a couple of bumbling media types drafted by the CIA to kill North Korean leader Kim Jong Un — after hackers tied to the country threatened to inflict 9/11-like terror damage on movie theaters that showed the flick.

All major movie theater owners refused to show the movie — prompting Sony to cancel its release.
Sony didn’t respond to requests about its insurance coverage.

Sony Corporation also sells insurance, so the movie unit may have been covered via its corporate parent.

Jonathan Handel, an entertainment and technology lawyer at law firm Troy Gould, added that insurance companies are created to collect premiums and deny claims.

“Sony knew it would be controversial and a significant impediment would be the counter argument that it deliberately took the risk,” he said.

Kathryn Arnold, a movie producer and consultant, said the movie was canceled so as to not “muddy the claim” by generating some revenue.