Michael Jackson Concert Cancellation - Insurance Protection
Promoters of concerts take on great risks. Many performing stars are temperamental, have additions and are sick often, thus having concerts canceled since the star can not perform. These risks along with other risks as rented stage facing a peril, performer just decides not to perform, security issues where authorities close down the concert or a performer’s death as recently with Jackson makes concert promotion a risky business. Promoting a concert is very expensive, consuming high cost for advertising, stage rentals, and other promotional costs.
Current news releases for the Promoter AEG for the London Jackson concerts, reported that AEG has some insurance coverage for the concert which included the coverage for performer not performing because the death of the performer.
Since performers often engage in risky behavior, the cost for covering a performance can be very expensive. Insurance exists for this industry but it comes with a high cost and typically the coverage does not cover all the losses thus leaving a promoter with loses but much less than if insurance coverage was not purchased. This insurance coverage is typically underwritten by specialty insurance companies. Lloyds of London is a well known under-writer that takes on special coverage for unique perils as concerts for famous stars, aerospace flight systems and many other unique perils.
In current news releases it is reported the AEG, the promoter for the planned London Jackson concerts has coverage from Lloyds of London for losses from canceled concerts caused by Jackson’s death. The coverage amount reported was for 17 million, well below the estimated loss of greater than 25 million dollars.
Author: your-insurance-site.infoSource: various press releases on the internet
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