MIchael Jackson’s Death

And what that has to do with insurance?

Friday, July 03, 2009

Many music fans will have been shocked by Michael Jackson’s Death.

Why, you might be asking, is this part of an insurance broker in Glasgow’s blog? Well his death has a really big insurance implication.

He was scheduled to play 50 concerts at the 02 in London starting on 13th July. The promoters, AEG Live have sold $100m worth of tickets and have had large costs in the processing the sales, advertising the concerts,  securing the venue and getting it ready. The also had insurance costs too because they bought cover in case of cancellation.

So AEG aren’t going to be left with a black hole in their fund because of Michael Jackson’s death (nor would they have been if the concerts had been cancelled for many other reasons such as ill health, as was the case when Kylie Minogue had breast cancer, or if the 02 suffered a fire, flood etc).

And it might be worth saying you don’t need to be AEG to buy this type of cover. If you’re arranging and event, such as an exhibition or wedding you can buy insurance to cover cancellation costs. Just ask us.

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