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Publicatie Laka-bibliotheek:
The Discrepancy between operator and Third Party Liability Insurance cover for Nuclear Damage (1994)

AuteurSCNL
Datumoktober 1994
Classificatie 6.01.0.30/18 (AANSPRAKELIJKHEID/VERZEKERINGEN/WETGEVING)
Voorkant

Uit de publicatie:

1. Introduction

The dominant risks presented by the civil use of nuclear power can be characterised 
as low in frequency but high in cost. The prospect of such events demands 
adeployment of capacity by the insurance industry that is greater than in other areas 
of industrial activity. (1) Due to the small number of possible events and scant 
statistical database, the insurance industry evidently considers nuclear risks to 
present an unbalanced and difficult portfolio. In order to provide cover for the 
operators of nuclear plant, the insurance industry has undertaken specific and rather 
unusual measures - such as the creation of insurance Pools and exclusion clauses.

The development and deployment of nuclear power technologies has posed 
two principal challenges to the insurance industry:

1. how to provide cover for third party damage; and

2. how best to provide cover for nuclear power stations, fuel cycle facilities
and handling of radioactive materials.

In the third party liability regime, cover corresponds essentially to the legal 
requirements imposed upon the operator by domestic law or international 
conventions. Accordingly, operators of nuclear installations typically purchase 
third party insurance for only a tiny fraction of the damage likely to result in the 
event of a major accident. In contrast, operators purchase insurance cover for their 
installations which would typically provide for the full replacement value of the plant.

In order to assist the IAEA's Standing Committee on Nuclear Liability to address this 
issue in its on-going revision of the Vienna Convention and in establishing a new 
convention to provide supplementary funding, this paper briefly reviews the cover 
provided in each of these two areas. In particular, it compares and contrasts the scope 
and magnitude of cover provided for damage to an operator's own facility and for 
damage to third party victims.

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