Nuclear Insurance

The United States reimposes oil and financial sanctions against Iran on Monday, significantly turning up the pressure on Tehran in order to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East. The move will restore U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by t...

The steps taken by the Indian government, including the insurance pool, have largely addressed the key concerns of the US nuclear industry, the Obama Administration has told its lawmakers.

The government has launched an insurance pool to the tune of Rs 1,500 crore which is mandatory under the Civil Liability for Nuclear Damage Act (CLND) in a bid to offset financial burden of foreign nuclear suppliers.

Amid all the hype around the breakthrough in the Indo-US nuclear deal, Anil Kakodkar, the original architect of the agreement has said one cannot expect electricity from the imported reactors before 2023.

India is offering to set up an insurance pool to indemnify global nuclear suppliers against liability in the case of a nuclear accident, in a bid to unblock billions of dollars in trade held up by concerns over exposure to risk.

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 said in Hydrabad today.

HPCL stopped buying Iranian crude in April due to insurance problems triggered by EU sanctions. But a landmark deal to curb Tehran's nuclear programme struck on Sunday includes easing of some restrictions that should end these insurance problems.

The easing of EU shipping insurance sanctions was part of a deal on Sunday between Iran and six world powers to curb Tehran's nuclear programme in exchange for limited sanctions relief.

European reinsurers, due to Western measures targeting Iran's disputed nuclear programme, have added a clause in contracts with Indian refiners that could mean claims arising during the processing of Iranian oil would not be met.

Legal hitches appear to have cropped up in the plans to set up two new reactors in the Kudankulam Nuclear Power Project (KNPP) and a commercial agreement on it is unlikely to be signed at the Annual Summit between Prime Minister Manmohan Singh and Russian President Vladimir Putin in Moscow on Monday.

India, one of Iran's biggest crude buyers, has just secured a waiver from US sanctions which target Tehran's nuclear ambitions by cutting imports over 20 per cent.

Even as the threat of nuclear radiation exposure becomes more real in light of the meltdown in Japan's Fukushima Daiichi plant, MiD DAY has found that no insurance company in the country covers the specific outcomes of such an eventuality.'Nuclear radiation' is, in fact, a standard exclusion in the text of most policies.A spokesperson for Tata-AIG ...

The United States reimposes oil and financial sanctions against Iran on Monday, significantly turning up the pressure on Tehran in order to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East. The move will restore U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by t...

The steps taken by the Indian government, including the insurance pool, have largely addressed the key concerns of the US nuclear industry, the Obama Administration has told its lawmakers.

The government has launched an insurance pool to the tune of Rs 1,500 crore which is mandatory under the Civil Liability for Nuclear Damage Act (CLND) in a bid to offset financial burden of foreign nuclear suppliers.

Amid all the hype around the breakthrough in the Indo-US nuclear deal, Anil Kakodkar, the original architect of the agreement has said one cannot expect electricity from the imported reactors before 2023.

India is offering to set up an insurance pool to indemnify global nuclear suppliers against liability in the case of a nuclear accident, in a bid to unblock billions of dollars in trade held up by concerns over exposure to risk.

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 said in Hydrabad today.

HPCL stopped buying Iranian crude in April due to insurance problems triggered by EU sanctions. But a landmark deal to curb Tehran's nuclear programme struck on Sunday includes easing of some restrictions that should end these insurance problems.

The easing of EU shipping insurance sanctions was part of a deal on Sunday between Iran and six world powers to curb Tehran's nuclear programme in exchange for limited sanctions relief.

European reinsurers, due to Western measures targeting Iran's disputed nuclear programme, have added a clause in contracts with Indian refiners that could mean claims arising during the processing of Iranian oil would not be met.

Legal hitches appear to have cropped up in the plans to set up two new reactors in the Kudankulam Nuclear Power Project (KNPP) and a commercial agreement on it is unlikely to be signed at the Annual Summit between Prime Minister Manmohan Singh and Russian President Vladimir Putin in Moscow on Monday.

India, one of Iran's biggest crude buyers, has just secured a waiver from US sanctions which target Tehran's nuclear ambitions by cutting imports over 20 per cent.

Even as the threat of nuclear radiation exposure becomes more real in light of the meltdown in Japan's Fukushima Daiichi plant, MiD DAY has found that no insurance company in the country covers the specific outcomes of such an eventuality.'Nuclear radiation' is, in fact, a standard exclusion in the text of most policies.A spokesperson for Tata-AIG ...