Kanye West might be getting a $30 million payout from an insurance policy which covers him, the Daily Mail is reporting.
The rapper allegedly took out a big money insurance policy in case an illness or an accident forced him to cancel an event or performance. The insurance policy is expected to cover losses incurred from the 21 shows remaining on the Saint Pablo World Tour, which West canceled without notice over the weekend.
The policy states that the insurance carrier will not only pay Kanye, but they will cover the money he is under obligation to pay others.
“The policy provides the insurance carrier will pay Kanye for not only the money he’d make but the money he was obligated to pay others if ‘accident or illness…prevents any Insured Person from appearing or continuing to appear in any or all of the Insured Performances(s) or Event(s).”’
The insurance company could refuse to pay the claim if the College Dropout rapper failed to disclose a pre-existing condition at the time the policy was written.
Kanye West was admitted to the UCLA Medical Center on Monday after he canceled his national tour. West was planning to finish the tour on New Year’s Eve in Brooklyn, New York. According to reports, the 39-year-old entertainer broke down at his personal trainer’s house and had to be put in handcuffs after he became agitated and reportedly screamed that people were trying to kill him.
Doctor Michael Farzam had dialed 911 around 1:20 p.m. when the Good Music label owner started behaving erratically, and Dr. Farzam told emergency responders that he was putting Kim Kardashian’s husband on a 5150 hold.
This order allows a physician to admit a person to a hospital against their will if the doctor feels they are a danger to themselves or to others. According to a source, it was when West tried to ward off the paramedics that he was restrained with handcuffs, put on a stretcher, and taken to UCLA Medical Center for a mental evaluation.
His wife, who was in New York, immediately hopped on a plane headed to Los Angeles. The reality TV star was set to make an appearance at the Angels Ball with her sisters on Monday. It would have been the first public appearance for the 39-year-old reality star after being robbed in Paris last month.
Some insiders in the music industry are not buying Kanye West’s mental breakdown. One insider believed the multiple-Grammy award winner was simply just trying to recoup millions in insurance money after backing out of his national tour.
“He had just canceled for no reason, no injury, no force majeure, so they were going to lose a bunch of money…Kanye is crazy, but not crazy enough not to get his insurance money…he knows what he is doing.”
The source revealed that it could be difficult for the rapper to cash out because the insurance carrier would want to investigate the circumstances of his hospitalization thoroughly.
“They don’t pay out easily for this kind of thing with this kind of price tag. I would think they would want to do an intense investigation and that this will be a dispute claim. When you’re on the hook for an arena at that level—on top of money for marketing, promotion, set builds, staff on the road—-it’s tens of millions. It’s gonna be a sticky situation.”
The rapper had stormed off stage on Saturday in Sacramento after just three songs. He had gone on a rant where he blasted Hillary Clinton, Mark Zuckerberg, and close pals Jay Z and Beyoncé. A close friend revealed that even his famous wife was fed up with his antics, and she did not even support the tour in the first place. According to the friend, Kim wanted Kanye at home with her after the traumatic robbery experience in Paris.
“She has lost days with him while he’s touring and then he made a rash decision to end the concert after ten minutes and go on a rant. Kanye is very hot tempered and he’s very reactionary. A lot of times, he speaks before he thinks and he’s very sensitive.”
Following West’s hospitalization, Beyoncé has been trying to mend the fences between her husband, Jay Z, and the rapper. The two rappers are no longer friends, and a source said their falling out had contributed to Kanye’s issues.