Willis Develops Innovative New Coverage for Nuclear Exclusion Risk

Willis Group Holdings plc WSH has developed a new insurance product to cover business interruption costs for companies with key locations, suppliers or customers situated in the vicinity of a nuclear power station, should they be forced to suspend operations in the event the plant's safety is compromised and an exclusion zone is implemented to contain the damage. The cover was developed by Willis Global Markets International, a division of Willis Limited, as a response to the earthquake and tsunami that struck Japan in March and triggered a meltdown at the Fukushima nuclear power plant. The consequent radiation leak saw the government impose a 20 kilometre exclusion zone around the plant. Manufacturers and other businesses within this zone were forced to close, regardless of whether they had suffered any damage.