Following the untimely death of Michael Jackson at a relatively young age a lot is riding on the results of his autopsy and a decision on the cause of his death. Anschutz Entertainment Group (AEG) is estimated at approximately $ 40 million at stake, depending on the cause of his death. According to Billboard, about three-quarters of a million concert tickets were sold and AEG Reimbursed of approximately $ 85 million tickets.
As part of the planning of the event searched AEG and secure event cancellation insurance Lloyd's of London. This type of insurance is particularly important to protect all parties against unexpected losses due to a number of problems - sudden unavailability of a place, catastrophic weather conditions which could force cancellation or ill health from the artist, to name a few. In the past, Jackson canceled shows in the last parts of his tour to ill health or exhaustion. Earlier this year, when AEG was arranging for insurance coverage, Jackson had to undergo a medical examination four hours confirming his health.
But like all insurance policies, there are exclusions. If Jackson's death was due to a reason that was excluded in the policy - as a pre-existing medical condition or a substance abuse problem - developers could be left holding the bag. Although autopsy results were inconclusive so far, the ongoing investigations into Jackson's death occur. And with the amount of money involved, it would not be unusual for an insurer to conduct their own investigation.
Business insurance for large events
Rock concert promoters are not the only parties who may require insurance event. This is a common type of insurance requested by the companies and businesses that sponsor large events, conferences and trade shows and depend on income for these events. Whether not the insurance is necessary and how much is usually a matter of scale, depending on the number of people involved and the amount of financial risk and others involved in the event.
"What planners should invest in an insurance depends on the importance of an event is an association or a company financially and what type of risk it assumes." If you value a meeting of the board for 65 people who generate income and was inexpensive to maintain, there is no point, "says James M. Goldberg, a lawyer with Goldberg & Associates based in Washington. "But if it is a big annual event for 3,000 people, which is a major source of income, certainly think about insurance."
event insurance can cover unforeseen problems, and "... the perils that are beyond the control of a scheduler, such as bad weather, a main speaker stall strikes, outbreaks of the disease and so on. "But experts warn that it does not cover poor planning or poor participation.
personal events such as weddings can benefit from insurance, also
Beyond Business , private events can also sometimes benefit from similar types of coverage as the average cost of a wedding up -. United States, it is between $ 20,000 and $ 30,000 - wedding insurance is more more common. wedding insurance can cover the cancellation costs due to weather, disease or the place of downtime. It may also cover losses if the gifts are stolen, damage or loss photos, rings, dresses, etc., and other unexpected problems. If you are planning an expensive reception you can discuss wedding insurance options with your agent. Besides the insurance or other problems, your reception location may require liability insurance. You should also be sure to check that your wedding venue and suppliers are properly insured, and know exactly what and how they could extend insurance to cover any problems you might encounter.
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