Astroworld Fest Venue Has MILLIONS of Dollars In Liability Insurance Policy; Is It Enough To Pay For The Victims?
Venues for big gatherings require proof of insurance for them to push through their events. An outlet recently reported that Travis Scott's Astroworld festival has millions of dollars in the liability insurance policy; is it enough to pay the damages?
According to the Certificate of Liability Insurance, obtained by TMZ, NRG Park, the venue that hosted this year's Astroworld festival, which claimed the lives of eight people and injured hundreds, has over $26 million.
The said policy could provide $1 million in primary coverage with a $25 million umbrella.
However, the abovementioned amount is not enough to pay for the victims of the event, as the outlet suggests Astroworld's damages could go into hundreds of millions of dollars.
If the policy failed to cover the judgements, the famed Austin, Texas-based venue would be responsible for anything above $26 million.
The outlet suggests that the venue has additional coverage, but at the time of this writing, there is no proof of whether this is true. It is not also stated in the said certificate.
It is still unknown what insurance policies Travis Scott or Live Nation have, but it's possible for them to have some coverage.
However, since there are hundreds of injured people and a total of eight have passed away, it's unlikely to cover all of the damages.
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The outlet said once the limit of their insurance policy has been reached, Travis Scott and other companies involved with the event will be the ones to pay for the succeeding amount.
Victims of the event have been filing numerous lawsuits against the rapper and Live Nation over the past few days.
Per legal documents obtained by the outlet, most of them are identical. Seven of the lawsuits filed by Roberts Markland LLP switch out the petitioners' names in the lawsuits they submitted.
All of it claims that both Scott and Live Nation failed to provide an "adequate security and security plan" to protect the massive number of people who attended Astroworld.
Sean Roberts, the lawyer behind the abovementioned lawsuit, did not specify his clients' injuries, but he noted that they were "permanently injured."
Travis Scott To Pay For Funeral Costs of Deceased Victims
According to Variety, the "Highest in the Room" hitmaker announced that he would cover the funeral costs for victims of the event. He would also be supporting surviving families.
Eight victims have died at this year's Astroworld Festival; the cause of their deaths appear to result from the stampede and other reported negligence.
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