so sad say goodbye: Aerosmith have finally announces his retirement due to his……

On August 2, Aerosmith made the difficult decision to retire from touring, nearly a year after Steven Tyler suffered a larynx fracture during a September 2023 performance.

The band, which had only reached their third stop and had postponed their farewell tour multiple times, shared the news in an extensive Instagram statement.

“Steven’s voice is a unique instrument. He has spent months working tirelessly to restore it to its former state. Despite having the best medical team supporting him, we’ve seen him struggle. Unfortunately, it has become clear that a full recovery from his vocal injury isn’t possible,” the statement partially read.

When a major tour is canceled, there are more complexities involved than just issuing ticket refunds. Often, artists and their teams secure cancellation insurance before their tours to protect against financial losses in the event of a cancellation.

Paul Bassman, managing director at Higginbotham Insurance, addressed PEOPLE’s key questions and explained what happens in these situations.