Lloyd’s and Allianz named as cancelled tour insurers
Michael Jackson's death is expected to inflict a loss of about $24 million on insurers operating in the London market, Reuters reports.
- Cancellation insurance was in place for just three shows
- Lloyd's syndicate Talbot Underwriting said it had maximum net exposure of less than $3m
- Bloomberg reported Allianz SE issued policies for the promoter and ticket sellers
“Most pre-existing conditions wouldn’t be covered in a standard insurance contract,” Duncan Fraser, a London-based partner at insurance broker Jardine Lloyd Thompson Group Plc. “Similarly, if someone dies from anything self-inflicted, like drugs or alcohol, that won’t be covered.” Reported Bloomberg.