Michael Jackson’s death may stick insurers with a $24 million bill over cancelled concerts.
Apparently, AEG Live, the promoter of Jackson’s 50 concert dates, purchased cancellation coverage for only three dates on the tour. This was because insurers found the singer too frail and too large of a risk when it came to coverage.
Insurance market Lloyd’s of London said its member corporations had underwritten some insurance taken out for the Jackson concerts, but said AEG is likely to be have had multiple policies with several insurers, who would each have taken on a portion of the risk.
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It was reported that Los Angeles-based AEG would self-insure any shows it was unable to obtain insurance for. Though it is not yet clear which other insurers, if any, AEG used for coverage, what is clear is that someone will be stuck with a large bill for a tour that many feel was too risky and overly ambitious from the start.