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Michael Jackson

Lloyd's of London Pays Big Bucks

In Death Claim

1/15/2014 1:04 PM PST BY TMZ STAFF
EXCLUSIVE

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Lloyd's of London has dropped its claim that it doesn't have to honor a huge insurance policy on grounds it was never told Michael Jackson was a drug addict ... and we've learned Lloyd's has now agreed to a payout.

Lloyd's filed a lawsuit claiming it did NOT have to honor the policy it issued to cover losses from the failed "This Is It" tour.  Lloyd's felt it had been deceived because no one ever disclosed Michael had serious drug problems.

The case just settled and we know ... Lloyd's has paid something to settle.  We're told it's not the full $17.5 mil under the policy.  We do not know the amount ... just that it forked over money.

The reason a payout is so important  -- Lloyd's essentially folded on its fraud claim.

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81 COMMENTS

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1.

Kelly    

Come on! Fact relevant to the story - is the policy paid to AEG or the Jacksons or both?

192 days ago
2.

confusious    

did they examine his Jesus Juice ? where are they getting this bogus intel.

192 days ago
3.

The Truth    

To AIG only for money they spent in the promotion of the Concerts. It is equal to what AIG paid out for promotion and advances to Michael himself.

The Jackson's get nothing.

The Truth Hurts

192 days ago
4.

Farrakhan Ashy Larry    

I hate black self haters. They are dispicable.

192 days ago
5.

hotandcold    

Who gets the money? The lawyers, of course!

191 days ago
6.

Jordan    

There you go Katharine you and the Children got a little bit of Money from Lloyd's now is it time to let the Lawsuits go?

191 days ago
7.

EFB2826    

I'm just glad that this child molested is dead. I think that the Dr. charged with his death should get some money for doing the world a favor.

191 days ago
8.

Tarington    

For ONCE allow Michael Jackson to rest in peace. For God's sake, it wasn't enough that Jackson's own family thought of him as nothing but $$ signs, but now greedy corporations (aka lawyers) are still fighting over his death years later?! Give it a f**king rest.

191 days ago
9.

billybob    

Even Michael didn't know that he had a drug problem. Only Murray knew!

191 days ago
10.

F'U    

These insurance companies are ripp off's anyway...I've heard horror stories about most of em.

191 days ago
11.

billybob    

Even Michael didn't know that he had a drug problem. Only Murray knew!

191 days ago
12.

KicksandGiggles    

Maybe they are just plain sick of the entire Jackson family like the rest of us.

191 days ago
13.

Livvie     

Ok as a fan of MJ....who didn't know he had a drug problem?! That want exactly a secret.

191 days ago
14.

gerald    

Just like all insurance companies they all refuse to pay claimsand wrongly deny claims and low ball you settlement offers to try and save themselves a buck. Don't ever buy insurance from 21st Century part of AIG, Allstate, statefarm, First protective,Geico, USAA, Nationwide, National grange, Progressive, Farmers, Farmers Help point never deal wih them, Not been paid on your insurance claim or been low balled a settlement then hire a good lawyer and make them pay including filing a bad faith lawsuit afterwards to recover your additional losses not covered by your policy. Really watch life insurers, fraudsters all over in that business. Never deal with any AIG company, always ask your agent if the insurer your buying a policy from is related in any way to AIG as they operate under 2000 differrent shell companies and they are all bad news if you want to get paid when something happens. Look up insurers on google under bad faith insurers never buy anything from ones listed as bad faith insurers, you'll regrete it way past the savings these corrupt insurers promise you on your premiums, as they have no intention of ever paying your claim thats how they sell the insurance so cheap. Always read your policy and if you have a claim and your insurer says it s not covered consult a lawyer. Insurers only care about profit and misleading commercials and fancy catch phrases and jingles, like you are in good hand or like a good neighbor. Your neighbor would screw you and you are defiantely not in good hands if you hace Allstate as your insurer. Just like Loyds insurers always try to put off payment because the longer you suffer with out being made whole again the less they figure they will have to pay you if at all. Slow pay, low pay and no pay is what insurers are all about. Most policies because of the way they are written aren't worth the paper they are printed on when you have a claim as they have excluded or used language that is so broad as to be interpeted in the insurer favor. Did you know that when you buy cart insurance it is always sold in split limits instead of combined signle limit so as to limit and insurers liability and to leave you holdng the bad in a major accident. Always buy single combined limits if they don't offer them then don't buy from that insurer. Always buy full coverage & uninsured/underinsured coverage, if you don't then you could go bankrupt so fast you'll never kknow what hit you. If someone hits you and has no insurance and you only have liablilty, then your vehicle isn't covered in most states at all even though you had uninsured motorist coverage, you must have full coverage to be covered. Always buy P.I.P. at the highest level you can afford, never buy just $2,500 wor of coverage, if that's all they want to sell you then don't buy from them. P.I.P. pays your lost income when you can't work from a bad accident, it also pay wages right away and also medical bills right away the 2 most costly items in an accident and most used coverage. You health insurer if you have insurance is entitled to be paid back out of any insurance setlement you receive even before you get a dime of your settlement for any automobile or work related injury, so don't let some putz insurance agent ask you " well do you have health insurance, then you don't need all that P.I.P. coverage" this is a flat out lie & agents are trained by the insurer to sell it that way on purpose. Once you run out of P.I.P. money you don;t get a dime to pay your wages or medical bills until you finally settle your claim, til then your broke and get turned over to collection agency for all those unpaid medical bills, which insurers love since it take 5 years or more to go to court and get all appeals that insurer will file if they don't like the jury awar against them, meanwhile your broke as a joke, so you'll settle out of court for way less over time, is how insurer looks at you. You are onlya number to your insurer and that number is how much is this claimant going to cost me & nothing more to an insurer.

191 days ago
15.

laffnbear    

So.........The moral is.........
If you have enough money and celebrity status you can get away with anything.
Even fraud connected to a suicide.

191 days ago
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