The ability to anticipate future events is important. How about this August 2009 prediction I made in More News on the Michael Jackson Event Cancellation Insurance Policy and Claim:

One of the trends in insurance claims is that some insurance carriers are a lot more willing to litigate potential defenses regardless of the wealth or size of the policyholder. Two decades ago, corporate clients and those of public reputation infrequently needed to resolve insurance matters in courtrooms. That is no longer the case. With $17.5 million at issue, I would not be surprised if the underwriters were considering application defenses as well.

Continue Reading Michael Jackson Event Coverage Claim Denied–Lloyd’s Files Suit

Michael Jackson’s event cancellation policy has a bit of history and is still very much in play according to a couple of news articles that have been forwarded to me. Last March, The UK Guardian ran a story, Michael Jackson Promoters Struggle to Find Farewell Tour Insurance, depicting problems with Jackson and his promoters finding event cancellation coverage:

AEG Live, the promoters behind the concerts, are "still negotiating" with insurers, they said this week. While AEG were able to insure the initial 10-day run – worth about £80m – insurers are less enthusiastic about covering seven months of dates stretching from July 2009 to February 2010. Fifty concerts would require around £300m in cover.

The insurers’ reluctance is easy to understand. The longest O2 arena residency has been taken out by a 50-year-old who has not toured in 12 years, was rumoured to be dying last year, and is nicknamed, well, Wacko Jacko.

But Randy Phillips, chief executive at AEG Live, reassured sceptics. "He’s in great shape," Phillips told the Telegraph. "The insurance brokers sent doctors and they spent five hours with him, taking blood tests."

AEG Live are prepared "to self-insure to make up the dates", Phillips emphasised. "It’s a risk we’re willing to take to bring the King of Pop to his fans."

"He’s a vegetarian," Phillips said. "They’re healthy, right?"

Continue Reading More News on the Michael Jackson Event Cancellation Insurance Policy and Claim