Nuclear Power Corporation of India Ltd (NPCIL) to announce convoluted new public liability insurance policy

NPCIL to get nuclear liability policy soon: Official, Economic Times By IANS | 17 Apr, 201 CHENNAI: India’s atomic power company, Nuclear Power Corporation of India Ltd (NPCIL) is confident of getting the public liability insurance policy in 10-15 days time, said a senior official.

Once the policy is received, then the company can go ahead in full steam to start its project in Haryana, said the official, speaking to IANS on the condition of anonymity.

“The negotiations as to the risk coverage conditions with the insurers are over and issues have been sorted out. We are confident of getting the policy in 10-15 days time,” the official said.

He categorically said the policy would be on reinstatement basis – that is the coverage will be reinstated to the original level on payment of same premium after a claimable nuclear accident.

While the official declined to comment on the premium to be paid to get the policy to cover public liability up to Rs.1,500 crore per year, per accident industry sources had earlier told IANS that it will be around Rs.70 crore.

The proposed policy would cover the liability towards public as a consequence 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 – like a floater cover.

When a nuclear accident happens and the Rs.1,500 crore cover is exhausted, then there will not be any insurance cover for subsequent accidents that might occur during that policy year. According to the NPCIL official if such a situation occurs, then the policy coverage will get automatically reinstated to Rs.1,500 crore on payment of premium. ………

Foreign nuclear plant suppliers were reluctant to sell to India, citing the provisions of the Civil Liability for Nuclear Damage Act (CLND), 2010 that provides the right of recourse by NPCIL against the vendors under certain circumstances for compensation in case of an accident.

The insurance pool was formed as a risk transfer mode for the suppliers and also NPCIL. ……..http://economictimes.indiatimes.com/industry/energy/power/npcil-to-get-nuclear-liability-policy-soon-official/articleshow/51867511.cms

April 18, 2016 - Posted by Christina Macpherson | business and costs, India

1 Comment »

India is corrupt as it gets–the insurance proceeds in the case of an accident will be swindled away before the public sees a drop of it. Mass murder in India is a daily occurrence and is real–just look at what happened to Chennai during their floods and who was behind the release of water from dams without letting the public know. These are the same powers behind the nuclear plants. It is only time before a huge nuclear disaster that India can’t cover up becomes worldwide news. I’m sure there have already been numerous unreported accidents. People die and go away and so does the knowledge of such events…

Comment by Samir | May 8, 2016 | Reply

nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope