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China's Sichuan province starts pilot quake insurance plan

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China's earthquake-prone Sichuan Province has started a pilot plan to insure buildings against earthquakes and related risks, reported Xinhua.

The insurance will cover damage caused by quakes of magnitude 5 and higher.

It will also cover secondary disasters, such as landslides, cave-ins and fires that happen within 72 hours of an earthquake.

Three insurers led by People's Insurance Co. of China Ltd. will run the pilot program.

The provincial government has provided initial funding worth 20 million Chinese yuan ($3.1 million).

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