Advertise
Resources
Member, Beacon International Group, Ltd.
Michael Jackson may be the King of Pop, but he's reportedly having trouble courting insurers to cover much of his upcoming tour.
At 50 years old and about to embark on a seven-month tour, Mr. Jackson is having a hard time finding an insurer to cover show cancellations should he fall ill, according to the London Daily Telegraph.
According to the report, Mr. Jackson and promoter AEG Live UK Ltd. were "still negotiating" with insurers. AEG Live said it has found coverage with an undisclosed company for the first 10 dates of the tour, worth about £80 million ($111.8 million).
Some 750,000 tickets for the 50 shows--all in London--reportedly sold out within five hours.
The additional dates reportedly would raise the policy to about £300 million ($419.1 million) in coverage.
If there are no takers, AEG reportedly said it would self-insure shows after the 10 covered dates. Robertson Taylor Insurance Brokers Ltd., the music and entertainment practice of London-based Oxygen Insurance Brokers, is handling the placement.
"The insurance brokers sent doctors and they spent five hours with him, taking blood tests," Randy Phillips, chief executive of AEG Live told the Daily Telegraph. "He's a vegetarian; he's in great shape. The insurance cover, we are working on that now."
But Mr. Phillips said AEG is willing to self-insure the remaining dates.
"It's a risk we're willing to take to bring the King of Pop to his fans," he said.