Willis and Markel have launched a nuclear facility to offer a “comprehensive capacity solution” for the nuclear sector.
The final capacity is still to be confirmed, as additional capacity is continuing to come into the facility, a spokesperson told InsuranceERM.
The facility will offer end-to-end coverage for property and business interruption for both construction and operational phases of nuclear facilities. This spans hot and cold zone exposures.
This will offer a “diversification option” for customers looking for alternatives to their insurance programs and bring together “aligned market capacity” to bring a solution that will address the nuclear industry’s “evolving needs”.
Rupert Mackenzie, global head of Willis Natural Resources, said: “Our clients need reliable, comprehensive coverage backed by strong market relationships. We’re pleased to be working with an innovative insurer like Markel to launch a facility that provides a diversification option that addresses the scale and complexity of today’s nuclear facilities.”
Rohan Davies, managing director – London Market at Markel International, added that the sector was “entering a new phase of growth and demands a step change in how the insurance market responds” and the joint facility as answer to that.