Tryit Editor v1.8

Source Code:

<!DOCTYPE html>
<html>
<head>
<script src="//ajax.googleapis.com/ajax/libs/jquery/1.9.1/jquery.min.js">
</script>
<script>
$(document).ready(function(){
  $("img").error(function(){
    $("img").replaceWith("<p>Error loading image!</p>");
  });
});
</script>
</head>
<body>

<img src="errorimg.gif">
<p>If the image above encounters an error, it will be replaced with a specified text.</p>
</body>
</html>

Result:

W3Schools.com - Try it yourself

Edit the code above and click "Submit Code" to see the result.