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NPCIL gets nuclear liability policy for power plants

Policy would cover the liability to public as a result of any nuclear accident in plants

Policy Pulse
Publish Date: Jul 3 2016 11:18AM | Updated Date: Jul 3 2016 11:18AM

NPCIL gets nuclear liability policy for power plants

 Country’s first insurance policy covering public liability to an atomic power plant operator has been given to Nuclear Power Corporation of India Ltd (NPCIL)

 
However, it added that reinstatement of insurance value post a claim will be decided later.
 
"We recently got the insurance policy covering all our atomic power plants. The total premium came around Rs 100 crore for a risk cover of Rs 1,500 crore," S. K. Sharma, Chairman and Managing Director, NPCIL was quoted as saying in media.
 
Policy complies with all the provisions of the Civil Liability for Nuclear Damage Act (CLND), said a known insurance industry official.
 
Centre had announced in June 2015 the setting up of the Rs 1,500 crore India Nuclear Insurance Pool to be managed by national reinsurer GIC Re.
 
The insurance policy on behalf of clutch to non-life insurers was issued by the country's largest non-life insurer New India Assurance Company Ltd.
 
Policy would cover the liability to public as a result of any nuclear accident in the plants covered under the policy and also the right of recourse of NPCIL against equipment suppliers.
 
The insurance coverage will be for all the NPCIL's plants.