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Jackson Insurance Policy

May Be Worthless

8/7/2009 10:48 AM PDT BY TMZ STAFF

Jackson Insurance Policy May Be WorthlessIt looks like the insurance policy taken out on Michael Jackson to cover tens of millions of dollars in losses in the event of the singer's death may be a bust.

The Lloyd's of London policy -- taken out by AEG in case Jackson didn't perform his London concerts -- did not cover death related to illegal drug use. According to the policy, obtained by the L.A. Times, "This insurance does not cover any loss directly or indirectly arising out of, contributed, to, by or resulting from ... the illegal possession or illicit taking of drugs and their effects."

As we first reported, authorities believe the powerful anesthetic Propofol caused Michael Jackson's death. Although the drug is legal, it should never be administered at someone's home, according to all the medical professionals with whom we've spoken. That could constitute an "illicit" use and, depending on how the prescription was written, an illegal use as well.

And, according to the Times, the policy only covered losses as the result of an accident. The only way the policy would have covered death is if a second physical had been performed on Jackson -- and it wasn't. And, even if a second physical was performed, it almost certainly would not cover the circumstances surrounding Jackson's death.

The policy covered $17.5 million. AEG reportedly claims it's in the hole $30 mil.

UPDATE
: Sources familiar with the insurance policy tell us ... if proceeds are recovered they would all go directly to Jackson's estate. We're told Katherine was given a copy of the policy yesterday.

We're also told the physical performed on Michael back in early February in connection with the policy was hand-picked by the insurance company -- not AEG. Our sources say the 4-hour exam -- which was performed in L.A. by Dr. David Slavit -- included blood work. The policy was issued in mid-April.


Michael jackson Launch photos

336 COMMENTS

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331.

ALEXNDRA    

HI TMZ I AM VERY CURIOUS ABOUT ALL THE SOLD OUT TIX 4 THE O2ARENA CONCERTS IF KNOW ONE RETURNS THERE TICKETS WERE DOES ALL THAT MONEY GO? AND WHY HASN'T IT BEEN RELEASED ABOUT HOW MANY WERE RETURNED?IF U CAN GET THE ANSWER CAN U MAKE IT PUBLIC? ALSO I HOPE ANY MONIES FROM THIS GOES DIRECTLY TO MJ CHILDREN&CHARITYS" ONLY.GOD BLESS MJ I MISS HIM Soooooo.

PLEASE LET US US KNOW TMZ THE FANS OF M.J

1869 days ago
332.

Megs    

Propfol is NOT an illegal drug.....or a narcotic.....or a controlled substance..............

1865 days ago
333.

Karen    

To all the hater's fyi when u need pain meds to survive day by day its hard to go with out the meds to function than ur body gets use to them than u need a higher pain med. that does not mean u r a drug addict.. u can take it any way u wont but walk in his shoes or anyone that has to live off of pain meds u would see it in a dfferent way. people that has to live that way would reather not live that way... I know how hard it is to live that way and cant sleep with out meds...

1862 days ago
334.

shamonemjlover    

WELL THAT'S WHAT ALL YALL GREEDY BASTARDS GET... MICHAEL WASN'T INTERESTED IN DOING THIS DAME SHOW ANY WAYZ... BUT YALL JUST HAD TO GO AND BE STARIN SOMETHING.. LOL... INSURANCE COMPANIES DON'T LIKE GIVING OUT MONEY .. NO MATTER IF YOUR IN GOOD HEALTH .. THEY ARE OUT TO KEEP THEIR TO MONEY AND YOURS.. SO AEG.. WHAT WILL YOU DO NOW...THAT YOU HAVE WAIT... YOU BETTER HOPE THAT MICHAEL DIDN'T COMMIT SUICIDE ,, CAUSE IF HE DID.. ALL YOU YALL BETTER GET IN DE WELFARE LINE... BUT WE KNOW HE DIDN'T ...RIGHT..
CAUSE WHEN U TOLD MURRAY THAT MICHAEL NEVER SIGNED ANY PAPERS FOR HIM TO GO TO ENGLAND ,, THAT'S WHEN HE CAME BACK AND SAID.. 'THAT MICHAEL KILLED HIMSELF.. CAUSE OF HIS FINANCIAL PROBLEMS.. BEFORE THIS MURRAY' STATED THAT MICHAEL WAS GOING TO WALK.. IF HE COULDN'T GET ANY S.L.E.E.P... JUST QUOTING YALL..

SO NOW WHO'S ZOOMING WHO.. INTERESTING. ..

1262 days ago
335.

Grace    

Micheal was nothing but a sham in the first place and his whole family is greedy.Go Loyd's, good for you!

1203 days ago
336.

Joanne    

I am very pleased that the vultures killers and profiteers would have nothing its fine with me because they imagine they are a millionaire who is above all
No money for you as Michael is often said in concert (THIS ONE FOR YOU)
Love you Michael

1203 days ago
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