Wednesday, Oct 22, 2014

Govt working on providing insurance cover for nuclear power plants

Press Trust of India | Hyderabad | Posted: June 29, 2014 1:27 am

The government is working with a group of experts and officials of Nuclear Power Corporation of India, finance ministry and insurance companies to work out the modalities of providing insurance cover to existing and new nuclear power plants, a senior official of the atomic energy department said here on Saturday.

RK Sinha, secretary, department of atomic energy and chairman of the Atomic Energy Commission told reporters that the government is working towards forming a nuclear insurance pool to cover the nuclear facilities, involving state-owned General Insurance Company and New India Insurance.

“We are on the way to find a solution (to liability law concerns). We will be putting in place a mechanism to cover the risk through insurance (for nuclear plants),” Sinha said.

In order to address the liability issue that has held up deals with various countries, the Union government earlier said it decided to form a Nuclear Insurance Pool that will have a number of stakeholders to meet the requirement of huge financial cover in case of a mishap.

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