Tryit Editor v2.9

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<!DOCTYPE html>
<html>
<head>
<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.12.2/jquery.min.js"></script>
<script>
$(document).ready(function(){
    $("img").error(function(){
        $("img").replaceWith("<p>Error loading image!</p>");
    });
});
</script>
</head>
<body>

<img src="http://www.w3schools.com/jquery/errorimg.gif">

<p>If the image above encounters an error, it will be replaced with a specified text.</p>

</body>
</html>