AEG Live Insurance Covered Overdose for Michael Jackson

AEG Live, the organizers of what was supposed to be the biggest musical event ever, Michael Jackson’s 50-date extravaganza slash comeback at London’s O2 Arena, seem to have taken all necessary the precautions before starting preparations for “This Is It.” As TMZ informs, a $17.5 million insurance policy covered everything, including death by overdose, as AEG Chief Executive Randy Phillips explains.

While speculation that this appears to prove that organizers were well aware of Michael’s addiction to painkillers and probably heavy drugs as well – as several US publications have already hinted – seems warranted, Phillips insists that AEG Live was just being cautious. As he tells TMZ, organizers wanted to cover all grounds, except natural death. However, Michael’s tragic and sudden passing still leaves them high in debt, as the celebrity gossip website / paparazzi agency informs.

“AEG took out a hefty insurance policy in case Michael Jackson’s 50 London concerts fell through – turns out the policy covered an MJ overdose. AEG’s chief executive Randy Phillips said the $17.5 million insurance policy from Lloyd’s of London didn’t cover a death from natural causes. Phillips said the policy would still fall short of the money spent on Jackson’s advance, producing the show, covering some of MJ’s debts and paying his staff and rent – which cost between $25 and $30 million.” TMZ writes in a recent post.

Reports in the British media indicate that AEG is now trying to cut down on the losses by not refunding fans, and offering them instead a special-issue ticket with a dancing hologram on the back, which was reportedly designed by Michael himself. All this while, other sources are saying that the star deliberately took the drugs that eventually sent his heart into full arrest, as he was trying to make himself “a little sick” so as to get off from the grueling schedule he was about to star once the London series of concerts kicked off, The Daily Beast claims.

“A close confidant of Michael Jackson tells The Daily Beast that he believes that the superstar was so determined to avoid a rigorous tour schedule that he intentionally took a large amount of prescription drugs in order to induce a hospital visit – potentially triggering a medical escape clause in his performance contract – but wound up accidentally overdosing instead. […] This top adviser, who spoke about this explanation for the first time on the condition of anonymity, says that he believes Jackson was determined to force the AEG Group, the promoter of his 50-concert London series scheduled to commence next month, to reduce the number of dates. But the adviser says that Jackson was also well aware that he was subject to serious cancellation penalties if he failed to show up for any gigs. Medical infirmity, a standard clause in most contracts like this, might have provided him a consequence-free out.” the publication writes, citing an unnamed insider reportedly well familiar with the case.