Chaucer clarifies position on Japanese nuclear sites
Chaucer has confirmed that its specialist Nuclear Syndicate 1176 is one of a panel of insurers that provide coverage to Tokyo Electric Power Company, the owner of two of the three nuclear sites in the area of Japan affected by Friday’s earthquake and tsunami.
However, the Lloyd’s insurer says that it has no coverage in place for property damage or business interruption at either of the two plants.
At the third plant, Onagawa, which is owned by Tohuku Electric Power Company, coverage for property damage is provided by Chaucer, but the perils of earthquake and tsunami are specifically excluded.
Consequently, the insurer does not expect any significant insured loss to arise from recent events in Japan insofar as they are relevant to Syndicate 1176.
Chaucer says it will provide estimates of its other exposures as soon as possible and has also confirmed that talks with a number of interested parties relating to a possible offer for the company are ongoing.
Category: Business Insurance News, Companies News, Insurance News
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