Nuke equipment suppliers concerned over lack of insurance
24 Jul, 2014 04:04 PM
 
International as well as domestic suppliers of nuclear equipment have expressed concern over non-availability of insurance cover and some discussion has been undertaken with the public sector insurance companies in this regard, the government today said.

"Under the Civil Liability for Nuclear Damage Act 2010, only operator is required to furnish insurance policy or such other financial security or combination of both covering his liability. Some international as well as domestic suppliers have expressed concern regarding non-availability of cover for their risks," Jitendra Singh, Minister of State for Department of Atomic Energy, said in a written reply in the Lok Sabha.

He said insurance cover for cold zone assets (conventional area) is in place in existing nuclear power stations. In respect of projects under construction, 'erection of all risk policy' is taken by the operator. In addition, transit insurance is also taken based on requirement, he added.

"Public sector companies presently provide insurance cover for cold zone assets at existing nuclear power plants and erect all risk policy for projects under construction. In respect to insurance under the Liability Law, some discussion has been undertaken with the public sector insurance companies," Singh added.
 
Source : Business Standard
http://www.business-standard.com/article/pti-stories/nuke-equipment-suppliers-concerned-over-lack-of-insurance-114072301209_1.html
 



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