India's 1st Nuclear Accident Cover

Nuclear Power Corporation of India (NPCIL) got the country's first insurance policy to cover liability risks in the event of nuclear accidents, a move that may convince foreign nuclear plant suppliers to do business here.
Lack of nuclear insurance policy was seen as one of the primary reasons for foreign nuclear plant suppliers staying away . “Now, both insurers and nuclear suppliers can be assured that the programme will continue for making the projects on time,“ said Sekhar Basu, chairman of Atomic Energy Commission.
The insurance policy will cover all plants of Nuclear Power Corporation of India (NPCIL), the government-owned nuclear power generation company . The pool will provide capacity for insurance coverage to operators and suppliers for any nuclear liability towards third party under Civil Liability of Nuclear Damage Act.
The nuclear insurance pool was put in place by the department of atomic energy, General Insurance Corporation of India, four public sector insurers and private sector companies.
The nuclear insurance pool has a corpus of Rs.1,500 crore. The pool was launched in June 2015. GIC has put in Rs.600 crore and New India Assurance Rs.300 crore while the remaining has come from other insurance companies.

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