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Reinsurance Notes November 2007 |
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30 November 2007
Pure economic loss not covered by radioactive contamination extension
Outokumpu Stainless Ltd v Axa Global Risks (UK) Ltd & 11 Ors
Commercial Court - Mr Justice Tomlinson - 8 November 2007
This case involved losses to the claimant's steelworks when radioactive plutonium was inadvertently melted in their furnace. The principal issue was whether purely economic losses could be claimed under a radioactive contamination extension, even though the insurance policy related to 'property damage and business interruption'.
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