Sony Corporation of America Blanket Crime Coverage Summary

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Sony Corporation of America

Blanket Crime Coverage Summary

Named Insured:

Sony Corporation of America and its subsidiaries

Sony / ATV Music Publishing LLC

Sony Optiarc America Inc.

Antinos Management America, Inc.

Sony Pictures Entertainment

Excluded Entities:

Sony Signatures and Materials Research Corporation

Total Limit of Liability: $30,000,000
Primary Limit:

Each Loss: $15,000,000

Each Policy Period: $15,000,000
Excess Limit:

Each Loss: $15,000,000 X/S $15,000,000

Each Policy Period: $15,000,000 X/S $15,000,000
Deductible Amount:

$500,000, except:

$100,000 for Sony Optiarc America Inc. and its subsidiaries

$100,000 for Sony Computer Entertainment America LLC and its subsidiaries

$1,000 for Money Orders and Counterfeit Currency losses

$1,000 for Credit Card Forgery losses

$2,500 for Personal Accounts Coverage

$10,000 for Toll Fraud Coverage

Primary Insurer: Great American Insurance Company

Primary Policy Number: 048-11-66
Excess Insurer: Federal Insurance Company (Chubb)

Excess Policy Number: 6800-6568
Policy Term: April 1, 2014 to April 1, 2016
Coverage Summary:

Employee Dishonesty

Loss of, and loss from damage to, Money, Securities and other covered property resulting directly from dishonest acts committed by any Employee, whether identified or not, acting along or in collusion with other persons, with the manifest intent to:

  1. cause you to sustain loss; and also

  2. obtain financial benefit (other than employee benefits earned in the normal course of employment, including: salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions for (1) the employee; or (2) any person or organization intended by the employee to receive that benefit.

Loss Inside the Premises

Loss of Money and Securities inside the premises or banking premises resulting directly from theft, disappearance or destruction. Great American will pay for loss of, and loss from damage to, other property: (1) inside the premises resulting directly form an actual or attempted robbery of a custodian; or (2) inside the premises in a safe or vault resulting directly from an actual or attempted safe burglary. They will also pay (1) for loss from damage to the premises or its exterior; or (2) for loss of, and loss from damage to a locked safe, vault cash register, cash box or cash drawer located in the premises; resulting directly from an actual or attempted theft, robbery or safe burglary, if you are the owner of the premises or are liable for damage to it.

Loss Outside the Premises

Loss of, and loss from damage to, Money and Securities outside the premises while in the care and custody of a Messenger or armored motor vehicle company. Other Property is covered for loss or, and loss from damage to, actual or attempted robbery.

Forgery Coverage (including Credit, Debit or Charge Card)

Loss resulting directly from forgery or alteration of checks, drafts, promissory notes, or similar written promises, orders, or directions to pay a sum certain in money that are: (1) made or drawn by or drawn upon you; (2) made or drawn by one acting as your agent; or that purport to have been so made or drawn.

Coverage is also included for written instruments required in conjunction with any credit, debit or charge card issued to you or any employee for business purposes.
There is also Personal Accounts Coverage for Officers of the Insured, subject to a $50,000 sublimit.
Computer Fraud Coverage

Loss of, and loss from damage to, Money, Securities and other property resulting directly from the use of any computer to fraudulently cause a transfer of that property from inside the premises or banking premises to either a person (other than a messenger) outside those premises or to a place outside those premises.

Funds Transfer Fraud

Loss of funds resulting directly from a fraudulent instruction directing financial institution to transfer, pay or deliver funds from your transfer account.

Money Orders and Counterfeit Paper Currency

Loss resulting directly from your having accepted in good faith, in exchange for merchandise, money or services.

Destruction of Electronic Data or Computer Programs - $5M Limit; $500,000 Deductible

Costs that you incur to restore or replace damaged or destroyed electronic data or computer programs stored within your computer system resulting directly from: (1) a virus designed to damage or destroy electronic data or computer programs; or (2) vandalism by a person who has gained unauthorized access to your computer system; including reasonable costs that you incur to restore your computer system to the level or operation capability that existed before the virus or vandalism occurred.

Key Definitions

Named Insured includes:

Any subsidiary company, corporation, or partnership now existing or hereafter constituted, created or acquired by the Named Insured and in which the Insured has a majority interest (excluding Sony Signatures and Materials Research Corporation).

If the Insured’s interest in a Joint Venture or partnership is 50% or less, coverage is restricted to the Insured’s interest only, unless: a) the Insured has the largest ownership of any partner or Joint Venture partner and b) the Insured is contractually obligated to manage and supervise the operation and c) the Insured’s policies and procedures are established and adhered to for operation of the Joint Venture or partnership. If all three conditions apply, then the Joint Venture or partnership will be covered 100%.

In regards to Sony Pictures Entertainment Inc. and subsidiaries, it is understood and agreed that the Named Insured shall be amended to include any joint ventures provided however, that: a) for joint ventures in which the Insured has an equity interest of 50% or greater, coverage under this policy shall apply for 100% of any covered loss and is subject to the Other Insurance Provision; or b) for joint ventures in which the Insured has an equity interest of less than 50%, coverage under this policy shall apply only to that portion of any covered loss equal to the percent of equity interest of the Insured and is subject to the Other Insurance Provision.


Any natural person while in your service (and for 30 days after termination of service), whom you compensate directly by salary, wages or commissions and whom you have the right to direct and control while performing services for you.

Any natural person who is furnished temporarily to you to substitute for a permanent employee who is on leave, or to meet seasonal or short-term workload conditions, while that person is subject to your direction and control and performing services for you excluding, however, any such person while having care and custody of property outside the premises.

Any natural person who is a trustee, officer, employee, administrator or manager, except an administrator or manager who is an independent contractor, of any employee benefit plan(s) insured under this insurance, and your director or trustee while that person is handling funds or other property of any employee benefit plan(s) insured under this insurance.

Employee does not mean any agent, broker, factor, commission merchant, consignee, independent contractor or representative of the same general character; or director or trustee except while performing acts within the scope of the usual duties of an employee.

Employee also means:

  1. all non-compensated officers;

  2. all directors or trustees while acting as a member of any of your elected or appointed committees to perform on your behalf specific, as distinguished from general, directorial acts;

  3. any non-compensated natural person, other than one who is a fund solicitor, while performing services for you that are usually the duties of an employee;

  4. any natural person leased to you by a labor leasing firm, under a written agreement between you and the labor leasing firm, to perform duties related to the conduct of your business;

  5. all employees on leave of absence;

  6. any natural person while working in the regular service of the Insured in the ordinary course of such organizations business, whom the Insured has the right to govern and direct in the performance of such service and is assigned to perform such service by any agency furnishing leased personnel or temporary personnel on a contingent or part-time basis; provided any coverage available under this coverage section for loss caused by such a natural person shall be excess of the amount recoverable or received under any bond, indemnity or insurance held by the agency furnishing such personnel;

  7. Consultants retained by the Insured and any employee of such consultant while either is performing consulting services for the Insured pursuant to a written contract under the Insured’s supervision, direction, and control at any of the Insured’s offices or premises covered hereunder;

  8. Employees on military leave;

  9. Former Employees up to 60 days after termination, except if terminated for reasons of fraud or dishonesty;

  10. Former or retired employees working as consultants on behalf of those named as Insured provided the Insured has no knowledge of prior fraudulent or dishonest acts;

  11. Individuals of the Insured’s parent company, or any subsidiary of the parent company not covered as an Insured under this Policy, while performing duties for and on behalf of those included as Insured while under the Insured’s direct supervision;

  12. Students or interns under the Insured’s supervision, direction, and control;

  13. Independent Contractors, Loan-outs, contract employees, production personnel, part-time employees, and former or rehired employees retained as consultants.

  14. Payroll processors

Primary Endorsements:

  • Employee Theft Wording

  • Omnnibus Insured and JV Wording with listing of all entities

  • Include Non-Compensated Officers as Employees

  • Include Directors/Trustees on Committees as Employees

  • Credit, Debit or Charge Card Forgery: $15 million limit / $1,000 deductible

  • Claims Expense – 50% up to $150,000

  • Revisions of cancellation provisions – 90 days

  • Premises to include “banking premises”

  • Omnibus Wording ERISA Plans – “whether or not required to be bonded under or subject to the ERISA Act”

  • Include coverage for Funds Transfer Fraud

  • Amend Definition of Employee to include natural persons in the service of an Employee Benefit Plan as fiduciary, trustee, administrator, officer or employee; natural persons who is a guest student or intern pursuing studies; Seasonal or short-term employees, temporary employees and leased employees; those acting in the capacity of “messenger”; Ex-employees up to 60 days after termination, except if for reasons of Fraud or Dishonesty; Volunteers (non-soliciting); employees on military leave, ex-employees retained as consultants, consultants under contract with the Insured.

  • Revision of Knowledge, Information and Discovery, and Duties in the Event of Loss – Risk Mgt Dept. and/or Office of the General Counsel and /or Internal Audit Dept. and /or Human Resources Dept.

  • Prior Loss endorsement - $25,000

  • Amended Valuation of Foreign Currency – as of the day discovered, on the rate of exchange published in the Wall Street Journal

  • Diminution of Deductible endorsement

  • Tax Computation Endorsement

  • Amended Inventory Exclusion wording

  • Automatic coverage for new acquisitions up to $500,000,000

  • Amend Trading Exclusion for Loss Caused by Employee Dishonesty

  • Territorial Revisions Worldwide

  • Money Orders to include “any counterfeit currency”

  • Damage or Destruction to Electronic Data – costs to repair or replace lost data - $5 million limit / $500,000 deductible

  • Loss Reporting Threshold of $250,000

  • NY Amendatory endorsements

  • $100,000 Deductible for Sony Optiarc America and Sony Computer Entertainment America and their subsidiaries

  • Guaranteed Renewal – 2 Years

  • Include Personal Accounts of Specified Persons (officers of the insured) – limit of $50,000 excess of $2,500 deductible

  • Telephone Toll Fraud – limit of $500,000 excess of $10,000 deductible

  • Confidential Information and Data Breach Clarifying Endorsement

  • Blanket Joint Loss Payee Coverage

Territory: Worldwide
Valuation and Foreign Currency: U.S. Dollars
Notice of Claim:

Upon knowledge or discovery of loss or an occurrence which may give rise to a claim for loss in excess of $250,000, the Insured shall: (a) notify the insurer as soon as possible; (b) submit to examination under oath at the insurer’s request and give a signed statement of your answers; (c) give a detailed, sworn proof of loss within 180 days; and (d) cooperate with the insurer in the investigation and settlement of any claim.

Notice should be sent to:

Copy to:

Attn: David Finz

Marsh FINPRO – Claims Department

1166 Avenue of the Americas

New York, NY 10036

Attn: Julie L. DeSantis, ARM

Vice President, Risk Management

Sony Corporation of America

550 Madison Avenue, 27th Floor

New York, NY  10022

This summary does not take place of or alter any of the conditions, exclusions and other terms of the policy herein summarized. It is merely a short descriptive guide to the policy for convenient reference. The policy should be consulted for any questions on coverage or claims.

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