General Electric (GE) is getting bad press for their part in the Fukushima nuclear crisis in Japan; but they’re not being sued, as of yet. GE designed the containment systems inside the nuclear reactors of the Fukushima power plant. The power plant and its nuclear reactors were damaged almost a month ago when a massive earthquake hit Japan. The quake was immediately followed by a powerful Tsunami; causing additional destruction in the region. There have been reports that the reactors leaked radiation into the air. The latest news tells us…
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Read carefully…insurance policies carry nuclear exclusions
Insurance companies are reeling from the possible cost of the disaster in Japan. It will be weeks before the entirety of the damages can be put into any kind of perspective to be tallied. It isn’t just the property damage and the economic loss; the lives that were lost will also be a factor. Another aspect of this disaster is the nuclear contamination from damaged reactors. Most traditional policies exclude coverage for nuclear accidents. There is more to assessing damage than people might realize. You have to determine what was…
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