Advertisement

Damaged nuke plant may lose insurance

By
The crippled Fukushima Dai-ichi nuclear power plant is seen in Okumamachi, Fukushima prefecture, northern Japan in this March 20, 2011 aerial photo taken by a small unmanned drone and released by AIR PHOTO SERVICE. From top to bottom, Unit 1 through Unit 4. UPI/Air Photo Service Co. Ltd. | <a href="/News_Photos/lp/fb4aaf93d98f36cb18d6469cec9d2344/" target="_blank">License Photo</a>
The crippled Fukushima Dai-ichi nuclear power plant is seen in Okumamachi, Fukushima prefecture, northern Japan in this March 20, 2011 aerial photo taken by a small unmanned drone and released by AIR PHOTO SERVICE. From top to bottom, Unit 1 through Unit 4. UPI/Air Photo Service Co. Ltd. | License Photo

TOKYO, Sept. 17 (UPI) -- Japanese insurers are considering canceling coverage of the Fukushima No. 1 nuclear plant, which was heavily damaged by this year's earthquake and tsunami.

The insurance contract with Tokyo Electric Power Co. comes up for renewal in January, the Asahi Shimbun reported. If the plant's insurance is canceled, it would technically be operating illegally.

Advertisement

"The insurance contracts are targeted at nuclear reactors that are operating normally and are not leaking out radioactive substances," one industry executive said. "It will be difficult to renew the contract under the current circumstances."

Japan's Law on Compensation for Nuclear Damage provides for government payment from nuclear disasters caused by earthquakes, tsunamis and other natural forces. The Japan Atomic Energy Insurance Pool, which includes 23 major insurers, provides coverage for other nuclear accidents.

Tepco plans to decommission four of the six reactors at Fukushima No. 1 and has announced no decision on the other two. The decommissioning is likely to take decades.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement