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Nuclear Energy Insurance

Cover against property damage, liability and accident in connection with the operation of nuclear energy installations. Cover is available, including damage cover on the installations themselves, from a single atomic energy insurance pool, the British Nuclear Insurers created by the British Insurance (Atomic Energy) Committee for the UK market as a whole. The pool currently comprises 13 insurance companies and 40 Lloyd’s syndicates. As a result most policies (marine, aviation and insurances of the person excepted) contain a radioactive contamination clause and an explosive nuclear assemblies clause.

Nuclear Energy Liability Insurance for Liability Insurance

Usually provided by various pools formed by insurers. Two types of overage available (i) The facility form for operators for nuclear facilities and the suppliers. (ii) Transporters’ forms for those that provide services, material etc., for such facilities or transport property to and from a facility. The coverage is restricted to liability arising out of nuclear accidents. Thus, these also need CGL policy.

Nuclear Exclusion

An exclusion of loss or damage or consequential loss or liability of any nature directly or indirectly caused by or contributed to by or arising from (a) ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel; (b) the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.

Nuclear Installations Act 1965

Governs liability and compensation for nuclear damage for which a UK nuclear licensee is responsible. The Act requires compensation to be paid for damage to persons or property up to £140 million (reviewable). The operator’s strict no-fault liability runs for 10 years after the incident, the government accepting liability for 20 years thereafter. Each operator must be insured in respect of his liability under an insurance approved by the DTI before a licence will be granted. See NUCLEAR PERILS.