Michael Jackson Estate Seeks Insurance Payout

The Michael Jackson estate is believes Lloyd's of London owes it $17.5 million for an insurance policy on the singer's "This Is it" tour, and wants it ASAP.

Lloyd's issued the policy to cover potential losses for MJ's 2009 concerts, which were set to begin just weeks after the star passed away at age 50.

Earlier this year, the company asked an L.A. court to declare the policy null and void, claiming MJ lied about his medical history and drug addiction.

The estate? Not pleased by that move.

Lloyd's insists the policy "was restricted to losses resulting from accident only" and points out that Michael's official cause of death was "homicide."

Dr. Conrad Murray faces involuntary manslaughter charges stemming from the star's untimely death, and will be tried beginning in September.

The estate counters in a cross-complaint that MJ obviously never intended to die, by homicide or not, so his death still qualifies as an accident.

Forget the $17.5 million, the estate is now seeking punitive damages for its trouble. Short story? Lloyd's had better have some good attorneys.