MJ’s Concert Insurance May Not Pay Out
We wanted Michael Jackson’s coroners to reveal the results of his autopsy simply for curiosity’s sake. It turns out, however, that those autopsy results may serve a much bigger purpose- it may impact the insurance policy that covered his AEG Live concert series.
The Guardian reports that the insurance policy for Jackson’s planned 50-show concert covered a lot of things, like cancellation due to death, but it did not cover illicit drug use. So, if the tox reports show that Jackson had illegal drugs in his system, the Jackson estate won’t be able to cash in on the huge policy. Apparently, the insurers knew about Jackson’s history with prescription drug use. This could be a huge blow for the Jackson estate, which is still wading through the huge sums of debt that Michael Jackson accumulated while he was alive.
The insurance policy for Michael Jackson’s cancelled O2 residency will not apply if the late star is found to have taken illegal drugs, the Associated Press has confirmed. Though the policy covers cancellation resulting from death, the insurers are exempted if Jackson was involved in the possession or “illicit taking of drugs”.
The policy’s payout of millions of pounds may therefore hinge on Jackson’s autopsy results, which have twice been delayed. There are numerous reports linking Jackson’s alleged use of propofol, a powerful anaesthetic, with his death on 25 June.
According to the Associated Press, Jackson and AEG Live took out the insurance policy in April. The document only covers the first 13 gigs in the epic 50-show run – bolstering reports that promoters had been unable to insure the full residency. A March estimate showed the 50 concerts required more than £300m in insurance cover.
(Guardian)