Kanye West announced the cancellation of his tour six hours before he was handcuffed

Kanye West is dealing with a medical emergency, but there's a silver lining ... it may have saved him millions of dollars.

Kanye announced the cancellation of his tour 6 hours before he was handcuffed to a stretcher
and hauled off to UCLA Medical Center for psychiatric evaluation.

The rapper not only reportedly lost around $30 mil for his cut of the remaining concerts, but he's on the hook for venues and others with whom he made contracts.

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The source says Kanye had an insurance policy that covered him in the event illness prevented him from performing. 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 Performance(s) or Event(s)."

Translation ... Kanye's doctor laid the groundwork for filing a claim under the policy. 

BTW ... the insurance company can deny coverage if Kanye had a preexisting condition that he didn't disclose at the time the policy was issued, or if his illness was caused by his "unreasonable or capricious behavior."