AEG, the promoters of Michael Jackson's ill fated concert series in London, is reportedly insured for the first 22 concerts but were unable to get coverage for all 50 shows at a cost of $500 million. They also took out a $17.5 million insurance policy from Lloyd’s of London in the event a health crisis that would cause Jackson to pull out of his concert series. The promoters also will receive a multi-million dollar payout from the show’s insurers if reports linking the superstar’s passing to drugs are correct, since their policy covers death by overdose.
After they refund millions to ticket holders for the concerts, AEG has offered fans the option to have their tickets exchanged for the specially designed ticket created by Michael Jackson himself, a convenient way that AEG could recoup some of their monetary losses. Most of all, they have 100 hours of rehearsal footage, none of which was shown during the Jackson Memorial last Tuesday.
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