I was going to pop this into one of the nuclear power discussions but thought it was kind of interesting on its own and didn't need to muck up those other threads.

Glastonbury insurer of nuclear plants sees no exposure in Japan tragedy

Brad Kane
Hartford Business Journal

A Glastonbury specialty firm generates hundreds of millions of dollars annually insuring half of the world’s 441 nuclear power plants, including the earthquake-ravaged Fukushima Daiichi plant in Japan.

As the world watches technicians at the Japanese nuclear site try to avert further disaster, officials at American Nuclear Insurers in Glastonbury watch events through a different lens.

ANI has spent 54 years insuring against problems large and small at nuclear plants. Company officials say the Japan situation creates multiple short- and long-term ramifications for an already complex industry. But the immediate crisis appears to create no liability for ANI, officials say, because its Fukushima Daiichi reinsurance policy excludes earthquake and flood damage.

“There’s never been an event like this, to be honest with you,” said Ron Sanacore, ANI senior vice president of operations.

ANI is the only U.S. company of its kind. It was created after the Price-Anderson Act of 1957 provided insurance at America’s nuclear sites and has policies with all 104 American nuclear plants. Premiums per site average between $800,000 and $1 million annually.

ANI also provides reinsurance for nuclear sites around the globe. Its reinsurance policy with Japan Atomic Energy Insurance Pool includes property liability coverage for some of the country’s plants and third-party liability coverage for all of Japan’s nuclear plants.

Total insurance costs for the Japan earthquake and tsunami are estimated at $35-$100 billion, but the exposure for ANI appears to be zero.

SNIP

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

But the immediate crisis appears to create no liability for ANI, officials say, because its Fukushima Daiichi reinsurance policy excludes earthquake and flood damage.

In the US there are 104 nuclear power plants, 22 of which sit on known fault lines.

What a business...thats like an auto insurer saying "we'll cover anything but an auto accident".

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

What is their stock ticker?

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MB-less

"We'll cover everything except the damage that may result from an accident."

I guess it's the old "Act of God/Nature" clause.

Sure seems like quite a racket!

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

i have a shirt from the old anti-nuclear protest days of the 70's.it has a picture of a deformed mutual of omaha indian head,that glows in the dark.under the pic it says "mutant of omaha nuclear holocost insurance.when the worlds in ashes we'll have you covered"

It sounds like they'd probably have an "out."

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

it IS a racket, a racket which has managed to squeeze itself into almost every imaginable transaction, house insurance, car insurance, insurance for insurance (reinsurance), health insurance, these guys get paid no matter what. And, they've convinced you and I that we MUST purchase their product. In some cases (car insurance) it's buy it or go to jail. We're going to make you an offer you can't refuse.

Insurance is the only trillion dollar industry in the United States. The tallest buildings in most cities are owned and operated by insurance companies and they got it off the working backs of every man woman and child in this country. It's called "spreading the wealth around" or "take from the poor and give to the rich".

Ok, I have to get back to my AIG stock holders meeting now........

While hardly an honor, Hartford, CT used to be the "Insurance Capital of the World." Mergers and acquisitions along with CT's and Hartford's unfriendly business and tax climate has pretty much put an end to that. 15-20 years ago, almost every building in Hartford was an insurance company.

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

Insurance companies also bear the risks of those people claimed to be fleeced by "taking from the poor and giving to the rich." When compared to the alternative of being "self insured" it's not exaggeration to say that the shifting of risk via insurance has benefitted more individuals and businesses than can be counted. Consider how many of those insureds would be in "financial ruin" from a single car accident, fire or other catastrophe?

For a really fine expose into how the big insurance companies get off screwing the little people, reference the John Grisham movie "Rainmaker"; Great Benefit indeed.

As far as being self-insured, I'd rather stand and fall on my own two feet as to enter into an extortion offering where the Czar of the contract dictates ALL of the terms of the insurance contract. In some cases, the insured is REQUIRED to tender up payment prior to receiving a hard copy of the contract. Pay us before we tell you how we are going to screw you type of deal.


The insured has NO say whatsoever in the writing or creation of the insurance contract. It's a strictly "Take it or Leave it" offering.

It's a one way deal written by and for the benefit of the insurance company.

The rich get richer, the poor get poorer. And some of the rich get rich by screwing the little people.

OIC, so you're completely self insured for health, casualty and life? Good luck to you and yours.

Insurance is a scam! All they do is take your money! Always evil - except when it pays out in the result of an accident or health issue as its designed to do...

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

I'm convinced that insurance is the world's largest ponzi scheme. They pay out the small claims like a slot machine. That way they get people to say, "See, the system works". But, when the BIG claims (over $250K) come in the door, out comes a big fat RED INK REJECT stamp. As the movie "Rain Man" illustrates, they are betting that the insured will not contest the reject notice. And in most cases, only 1 out of 10 actually have the guts to stand up to them. That means they save a lot of $$$$ on the 9 out of 10 who do nothing.

M-O-N-E-Y, it's what's for dinner. YOUR money will be flowing into MY bank account. But we'll call it a "fair and equitable" deal for all.

You're right its a big conspiracy. Heck, you should go testify in front of congress about the HI bill

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth