Hurricane Sandy’s Moved On, But Entertainment Losses Will Mount Until Services Resume

Hurricane Sandy is “more serious, and has caused more damage that has affected more shows and movies, than I can remember” from a similar disaster, says Brian Kingman, managing director of Gallagher Entertainment, a leading insurance broker for producers. It’s still too early to say how much the storm will cost media and entertainment companies, or the firms that insure them. Movies and TV shows hit by a weather disaster often lose more from carrying costs tied to shooting delays than from property damage. So a lot depends on how quickly services resume in production sites including New York City, where 1.8M people are without electricity, mass transportation is down, and several major bridges and tunnels are still closed. The NYC Mayor’s Office of Media and Entertainment revoked all film permits for Monday and today. It says that it will approve permits tomorrow for “qualified stages” but not exterior shoots.

Related: UPDATE Hurricane Sandy: Kimmel, Fallon To Go On; NYSE To Open Wednesday (more…)

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