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MJ ESTATE to LLOYD'S OF LONDON

This Is It. Now Pay Up!

8/17/2011 2:34 PM PDT BY TMZ STAFF

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The Michael Jackson estate is tired of waiting for Lloyd's of London to pay out on the $17.5 million "This Is it" insurance policy -- so they're going after Lloyd's in court ... demanding they pay up, stat.

Lloyd's of London originally issued the policy to cover potential losses for MJ's 2009 "This Is It" concerts -- but earlier this year, the company asked an L.A. court to declare the policy null and void ... claiming MJ lied about his medical history and drug addiction.

Lloyd's insists the policy "was restricted to losses resulting from accident only" -- pointing out Michael's official cause of death was "homicide."

But the estate is now on the offensive -- filing a cross-complaint, claiming MJ never intended to die, whether by homicide or not, so his death still qualifies as an accident.

But the estate isn't just settling for the original $17.5 million -- they also want punitive damages.  FYI, suing for punitive damages often scares the crap out of insurance companies.


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124 COMMENTS

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46.

jfox    

Isn't it funny that the "Estate" wants its money now, BUT refuses to pay out any that is owed from the estate???

1061 days ago
47.

Bossmj    

Do people never learn?

Hoping to earn income, many many many people invested in Lloyd's of London in 1987. The legendary insurance giant was recruiting fresh capita; in fact, Lloyd's was desperate for it. Many jumped at the chance to become a Lloyd's Name, as the elite 300-year-old institution calls its investors. Quite a few saw it as their fast lane to economic royalty.

Then came along the asbestos snafu. What they never shared with their 'Names' was the little fact that in case the company had to pay out a huge settlement [like the asbestos issue], the Names were liable.

Thousands of Names were been wiped out financially. Some committed suicide. Even such notables as brokerage founders Charles Schwab and Dan Lufkin have been exposed to the loss of millions in what has been called the biggest and baldest swindle in history, perpetrated behind the clubby doors of the world's most respected insurance organization and a parliament that was in cohorts with them.

This behaviour of Lloyds w/ MJJ's insurance is standard Lloyds operating procedure. Collect the payments from the customers and when it is time to make good on a claim, run, hide, ignore, confuse, litigate - anything. Just don't pay out!

1061 days ago
48.

gayforliztaylor    

it's a distraction.
katherine and dear family are doing tribute concerts to
pretend that they never made mj the only person in history who rescued failure from the jaws of victory and knowingly risked his life with propofol for an imaginary insomnia cure.

ms. Michael Jackson also enjoyed distractions that brought chaotic people in his life. he didn't care because chaos and magic were the same... so he created his own multiple personalities.
he wore the masks of deceit, plastic surgeries, weight gain and loss, lipstick, voice change.

insurance doesn't pay for life-threatening criminal drug use. you know you'll find the true killer...
the boy-possessive, disfigured African-looking man among the con-artists invented by him: shy white women, girls, boys, fake macho eurasian males.

1061 days ago
49.

Glenda in Texas    

That pic of MJ up top looks so hot!

1061 days ago
50.

Billy    

Maybe they can also disqualify the policy because Michael is a KNOWN pedophile. I can't believe they don't exclude pedophile coverage all together.

1060 days ago
51.

janet    

not getting a cent

1060 days ago
52.

Joe    

This is what insurance companies do. They balk at paying, it goes to court, and the plaintiffs are forced to settle for less.

1060 days ago
53.

Ashley    

It's amusing when posters say they're not interested in reading about Michael but they take the time to click on any news on him and type out a note in a frenzy of denial. Trust me, everybody still wants to hear about anything to do with MJ and Harvey/TMZ knows that for a fact!

1060 days ago
54.

HumanNature    

Billy: 3 hours ago

Maybe they can also disqualify the policy because Michael is a KNOWN pedophile. I can't believe they don't exclude pedophile coverage all together.

BS!!!

HERE YOU GO SPREADING LIES, RUMORS, SPECULATION AND GOSSIP WITHOUT ANY "KNOWN" FACTS!!!!

THE FBI SPENT MILLIONS AND YEARS CHASING BEHIND THAT VERY SAME "LIE" AND THEY COULD NOT FIND NOTHING!!!

"ZERO"!!!

DO SOME REAL RESEARCH TO LEARN AND KNOW THE "TRUTH"!!!!

1060 days ago
56.

Joanne    

How come nobody talks about !!!!!
Were is Doc Murray !!!!!!!!!!!

1060 days ago
58.

Tessiana    

IF MICHAEL IS ALIVE WHY IS THIS STILL GOING ON???

1060 days ago
59.

Best Mom    

The Estate is speaking loud and clear -- DO NOT mess with Michael Jackson or the Estate! Keep up the great work! Michael deserves your best!

1060 days ago
60.

themaestrosgirl    

I hope the Estate wins, the money goes to the kids and AEG gets none of it...

1060 days ago
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