Posted on Fri Aug 7, 2009 01:35 PM PDT
The $17.5 million insurance policy that AEG took out for Michael Jackson's London concert series would only be covered if Jackson's death was accidental and occurred after a second physical examination was completed.
Though certain losses would be covered (i.e. accidental death or cancellations), "any loss directly or indirectly arising out of, contributed to, by or resulting from...the illegal possession or illicit taking of drugs and their effects" would NOT be covered, reports the LA Times.
Even though a New York doctor gave Jackson a series of medical tests in February, according to the terms of the policy, Lloyds of London insisted on a follow-up physical by a London physician closer to the July 13 kickoff show.
AEG's chief executive, Randy Phillips, has said the company spent up to $30 million preparing for the concert series, but expected to recoup the investment by collecting on the insurance policy and working on projects with the Jackson estate, including a documentary film.
Yikes! Think there's any loophole in this policy? That's a lot of money down the drain!
This isn't looking good for AEG!
X17 EXCLUSIVE - Katherine Jackson And Michael's Children Are Being Used As Pawns To Validate Fraudulent Will, Family Source Claims - Aug 02, 2012
Katherine Jackson Reinstated As Guardian Of Michael's Three Children - Aug 02, 2012
X17 EXCLUSIVE - Katherine Jackson's Attorney Says There Is "No Animosity" Between Cousins Prince And TJ Following Guardianship Drama - Jul 31, 2012
X17 EXCLUSIVE DETAILS - Jackson Estate Attorney Writes Letter Naming Family Members Banned From Home, Katherine Jackson In Tears - Jul 29, 2012
X17 EXCLUSIVE - Randy Jackson: John Branca, John McClain And Howard Weitzman "Are Trying To Take My Mother's Life" - Jul 27, 2012