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Trial will decide MJ payout

MsMo

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Llyod's could escape a multi-million pound payout to the promoter of Michael Jackson’s tour

Sunday January 30,2011

By Geoff Ho

LLOYD’S of London insurers will escape having to make a multi-million pound payout to the promoter of Michael Jackson’s ill-fated comeback tour if the singer’s personal physician is convicted of involuntary manslaughter.

The insurance policy taken out by AEG, owners of the O2 Arena where Jackson’s 50-date This Is It concert series was to take place, stipulates that a payout would only occur if the singer failed to perform due to an accidental death.

In the event of Dr Conrad Murray being convicted, the syndicate of Lloyd’s insurers behind the policy will not have to pay a penny, sources say.

Earlier this month, a judge ruled that the cardiologist would stand trial in Los Angeles over the death of the pop legend in June 2009. It is alleged he gave Jackson a lethal dose of an anaesthetic, mixed with other sedatives and then failed to provide proper care.
If convicted, Murray could face up to four years in jail. He has pleaded not guilty.
 
Didn't AEG already recoup there losses by selling the rights of TII to Columbia pictures/Sony? Surely they weren't expecting a big insurance payout as well.
 
Yes, it is interesting that this was part of the policy.

Now those who think that AEG was involved in murder, cannot say that AEG stood to gain from an insurance policy if Michael was murdered. The insurance company would stand to gain if Murray is convicted. They should be the Proc allies.
 
Michael Jackson insurance pay-out hinges on legal case

Author: Daniel Dunkley
Source: Post | 26 Jan 2011
Categories: Insurer | Commercial | Claims | Lloyd's/London
Tags: Legal | Event insurance

The multi-million pound payout from the London insurance market for cancellation cover on Michael Jackson’s ‘This Is It’ tour could hinge on whether the late singer’s doctor is convicted of manslaughter, Post has learnt.

On 12 January, a jury in the US ordered the performer's medical practitioner Dr Conrad Murray to face trial, charged with giving Mr Jackson a lethal dose of Propofol and other sedatives.

Sources close to the insurance policy claim that in Mr Jackson's non-appearance coverage, the performer only had cover against death due to 'accident'.

As such Lloyd's insurers including Talbot are understood to be considering repudiating the claim made by promoter AEG if Mr Jackson was found to have been privy to the prescription drug abuse.

A trial date for Dr Murray has been set for 28 March, and is set to last six weeks.
 
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Petrarose said:
Yes, it is interesting that this was part of the policy.

Now those who think that AEG was involved in murder, cannot say that AEG stood to gain from an insurance policy if Michael was murdered. The insurance company would stand to gain if Murray is convicted. They should be the Proc allies.
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unless Murray was suppose to make it look like an accident...hence....AEG would of gotten paid.
 
i just dont see why the accidental death clause was in the policy? that just puts up a red flag to me and says that this wasn't an accident.
 
I'm not sure if this e-mail is legitimate,but according to it,Murray also had a similar clause in his contract :
AEG- MURRAY May 08 2009 EMAIL

Fri, May 08, 2009

Conrad

It was a pleasure meeting you on the phone.We discussed some mundane details:Contracting Entity:GCA Holdings LLC ( address redacted )Vegas NV 89119Your contact info: Office ( phone number redacted)

Your model of travel: Most likely with Artist on charter bit 1st lf not.Family airfare personal cost.Accommodation- "easy proximity of Artist "- that might be a guest house on the grounds of the property rented for Artist.Tour pays for necessary professional costs including transport between Artist& house and house & venue.Probable-need for mutliple UK based cell phones & your need for one. Need for one venue-based, one home-based extracorporeal CPR units. Insurances: Travel type accident, sickness , loss-of-possessions policy to be incepted for travelling party- but this is working personnel.Premium is about $250/person if you'd like us to extend to family.Effective only while away from USA.


Life insurances-personal choice.AEG contract would not cover more than one month in lieu of notice if there was a curtailment or cessation of the tour.Loss-of-profit also called contractual performance insurance - had asked brokers at Lloyds to research.Intelligently, they also suggest it covers both possible Force Majeure effecting tour/performances as a whole and possibility of accident preventing your providing services. Insurance would be personal cost. Fees $ 150k/mo payable mid-month

Lost to consider and would be happy to continue discussion when convenient by you.

TIM.
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Also,there's this article from last October :
Texas-based insurer says it shouldn’t have to pay Michael Jackson doctor’s legal defence costs

HOUSTON - An insurer for the doctor charged in Michael Jackson’s death has asked a judge to rule that it is not responsible for the physician’s legal bills in two high-profile court cases and fights to retain his medical license.
Medicus Insurance Co. argues that Dr. Conrad Murray’s medical malpractice policy doesn’t cover his defence costs because the cases stem from alleged criminal wrongdoing, according to documents filed Wednesday in state court in Houston. Murray’s policy, which was purchased roughly a month before Jackson’s death in June 2009, did not cover incidents involving general anesthesia, the company argues.
Murray faces an involuntary manslaughter charge in Los Angeles, where authorities accuse him of administering a lethal dose of the anesthetic propofol to the pop star in the bedroom of his rented mansion.
The criminal case is just one of the legal challenges Murray faces. He has been sued by Jackson’s father for wrongful death in federal court in Los Angeles, and authorities have sought to either suspend or limit his medical license in Texas, California and Nevada. One of Murray’s clinics is in Houston.
The doctor is relying on four attorneys in California and Texas to defend him in the criminal and civil cases. He has argued that he needs to maintain his medical license to pay for his criminal defence.
Medicus, which is based in Austin, claims it is not required to defend Murray’s medical license in the three states. The insurer argues that scrutiny by Texas and California officials came as a result of allegations of wrongdoing in Jackson’s death, and that Nevada attempted to suspend Murray’s medical license because he was behind on child support payments, not for his medical work.
The court filings do not indicate how much Murray’s defence in the various cases may cost.
"We believe Medicus is wrong on the facts and wrong on the law," Murray’s attorney, Charles Peckham, said Wednesday. "We believe there should be coverage."
Peckham asked the judge in a court filing Monday to delay the case until after the criminal matter is decided, arguing that defending it would violate the doctor’s Fifth Amendment rights against self-incrimination.
"He simply can’t engage in this kind of case," Peckham said, adding that coverage Murray applied for, and the insurer initially accepted, would have covered all the claims.
Medicus filed its case in August, but the legal fees dispute was disclosed in a court filing Wednesday in the wrongful death case.
The company’s lawsuit states that Murray’s policy only covers the doctor’s actions in Texas. The company filed its case after Murray asked the insurer to pay for his defence in the California court cases and medical board hearings in other states, according to the complaint.
Murray is due back in Los Angeles next week for a hearing in the criminal case, and prosecutors are expected to lay out some of their evidence against him during a preliminary hearing in January.
Last week, a federal judge in Houston ruled that Lloyd’s of London was not required to pay millions of dollars in legal fees for jailed financier R. Allen Stanford and two former executives charged in a massive Ponzi scheme. The insurer had argued the men’s insurance policy did not cover money laundering charges.
http://www.pentictonherald.ca/stories_entertainment.php?id=303981

Does anyone know what happened with this and who is paying now?
And..if what the company claims is true,why would he purchase a policy only covering his actions in Texas if he was going to London? :scratch:
 
As such Lloyd's insurers including Talbot are understood to be considering repudiating the claim made by promoter AEG if Mr Jackson was found to have been privy to the prescription drug abuse.
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diprivan isnt a prescription drug.and do ofcourse mj was aware of it express are a tabloid so i take anything with a pinch of salt and frankly who cares. all that matters is getting a conviction

Does anyone know what happened with this and who is paying now?
And..if what the company claims is true,why would he purchase a policy only covering his actions in Texas if he was going to London?
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last we heard was the insurance company went to court as it says in the article. havnt heard anything since.u know what they are like will take years to get sorted. good question re texas unless his insurance had just ran out and he had to renew it even though he was gonna be away for months at a a time. bottom line he wasnt insured for cali and wasnt insured to use diprivan
 
There is somethng unsettling about the whole AEG organization.
I wish I could figure out their involvement in the passing of
Michael Jackson. AEG is like an "Evil Wind". :fortuneteller:
 
elusive moonwalker said:
last we heard was the insurance company went to court as it says in the article. havnt heard anything since.u know what they are like will take years to get sorted. good question re texas unless his insurance had just ran out and he had to renew it even though he was gonna be away for months at a a time. bottom line he wasnt insured for cali and wasnt insured to use diprivan
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Thanks,elusive.Insurance running out may be the case.The bolded part still makes me wonder who keeps paying now,but it might be that same company,seeing as court proceedings are so slow.The whole thing is so surreal I sometimes don't know what to think.
 
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