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U2 claim stands at $17mn

U2's recently cancelled North American tour is likely to cost the London market close to $17mn due to contingency cover purchased by the band and its promoters, The Insurance Insider can reveal.

The rock band was forced to call off the US leg of their 360o World Tour when frontman Bono underwent emergency surgery after injuring himself while rehearsing for the shows.

Tour promoters Live Nation and U2 have a contingency policy placed into the London market by specialist entertainment broker Robertson Taylor. The £100mn ($152mn) slip is led by Talbot, with other significant lines written by Liberty and White Mountains-owned Sirius International.

Carriers are likely to escape with a payout in the region of $20mn, sources suggest. The size of the payout will reflect the costs of rescheduling the tour dates in 2011.

U2 had been scheduled to play 16 shows in the US, starting with Salt Lake City on 3 June and finishing on 19 July at New Jersey's Meadowlands Stadium.

Tour promoter Live Nation has assured fans that the shows will go ahead at some point in 2011.

Arthur Fogel, CEO of Live National Global Touring, said: "Although we understand the disappointment to U2 fans, first and foremost comes the recovery of Bono."

U2 are famed for their lavish live performances, which have included upside down Trabant cars suspended from cables and huge banks of television screens. The 360o Tour is said to have up to 100 trucks transporting equipment and staff.

Liberty, Sirius International and Robertson Taylor declined to comment. Talbot could not be reached.

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