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Daily Insurance Industry News
Sunday 21st of January 2018
August 26, 2011

Willis launches nuclear exclusion zone cover

by Gill Montia

Story link: Willis launches nuclear exclusion zone cover

Willis has launched a product for companies with key locations, suppliers or customers located in the vicinity of a nuclear power station.

The new offering covers business interruption costs should a plant’s safety be compromised and an exclusion zone be put in place, having been developed in response to the Japanese earthquake and tsunami that triggered a meltdown at the Fukushima nuclear power plant.

The consequent radiation leak saw a 20 kilometre exclusion zone imposed around the plant and manufacturers and other businesses within the zone were forced to close, regardless of whether they had suffered any damage.

According to Willis, traditional property damage and business interruption policies usually contain a radioactive contamination exclusion clause, which excludes any damage, denial of access or other consequences arising from nuclear radiation or contamination.

Willis Global Markets International chief executive officer, Toby Wemyss, comments: “With over 440 commercial nuclear power reactors operating in 30 countries, exclusion zone risk is a very real threat to business around the world.”

He adds: “We were reminded again of the potential for loss on 23rd August, when the earthquake centred near Richmond, Virginia, prompted the declaration of an “unusual event” at seven US nuclear power plants, and we are proud to have found an insurance solution to help our clients mitigate this risk.”

 

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