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AEG boss: Jackson insurance covers overdose

Insurance will cover loss on canceled concerts if death is not natural causes

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updated 8:49 p.m. ET July 2, 2009

LOS ANGELES - Concert promoter AEG Live’s chief executive says insurance will help cover any losses on the now-canceled Michael Jackson concert series if the pop star died accidentally, including of a drug overdose, but not if he died of natural causes.

Randy Phillips said Thursday that the company took out $17.5 million in insurance coverage through Lloyd’s of London.

That would still fall short of the $25 million to $30 million Phillips says AEG Live spent on Jackson’s advance, producing the show, covering some of Jackson’s debts, and paying his staff and rent.

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