NRG Park – the venue for the disastrous Astroworld festival – has an insurance policy totaling $ 26 million… far from what the injured and families of the dead will be looking for.
TMZ has obtained the Certificate of Liability Insurance… a document that has been filed with the City of Houston. Proof of insurance is required for such events.
The policy provides for $ 1 million primary coverage with a $ 25 million umbrella. With 8 dead and more than 300 injured, the damage could reach hundreds of millions of dollars.
If the policy does not cover judgments, then NRG would be responsible for anything over the policy limit.
Now it is possible that NRG has additional coverage, but there is no evidence of this in the documents.
We do not know what insurance policies are underwritten by Live Nation or Travis Scott, although it is certain that they have some coverage. But, anyway, when you add it all up, it’s unlikely to cover any huge judgments that might arise. If the injured and the families of the dead get judgments, the policies will cover them up to the money, but once the limit is reached Travis and the various companies would be personally responsible for the balance.
It is not that the policies were not written correctly, because no one could have predicted the scale of the disaster.
The lawsuits are already crowding, so these policies could make the difference between different defendants being protected from personal liability … and bankruptcy.