AEG Live’s insurance may hinder Jacko ticket refunds
Hundreds of UK fans are waiting to learn the details of a refund for tickets they have bought to Michael Jackson concerts that was earmarked in a statement by the promoter last week.
But the refund may be delayed by the insurance policy taken out by AEG Live, the promoter of Michael Jackson’s bonanza UK 50-date concert tour.
AEG Live, a unit of Anschultz Corporation, sold US$85 million in tickets for the London O2 arena concerts. Jackson was paid a US$20 million advance, and AEG shelled out another US$10 million for rehearsals in Los Angeles, the last of which was held at the Staples Centre the night before Jackson died.
AEG Live bought an insurance policy through Lloyd’s, the insurance market of London, that was meant to shore any losses incurred through Jackson cancellations.
But in the case of cancellation due to medical issues, the policy depends on a physical exam that Jackson had not yet taken. The physical had been scheduled for coming days.
Some fans, meanwhile, may get their refunds due to a separate insurance policy bought by a company called Seatwave, a secondary ticket market in Europe.
Seatwave chief executive Joe Cohen said the policy covered up to 10,000 people who bought tickets through the company’s UK and German websites in the event of cancellation. Between £250 and £300 was paid for each ticket.
Source: Splash News
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