Nuclear Energy Liability Insurance

An insurance policy providing coverage to an individual or, more frequently, a company in the event of a lawsuit resulting from personal or property damage due to nuclear energy. The nuclear energy need not be radioactive in order to be covered by a policy. In order to receive a license as a nuclear weapons plant in the United States, one must first procure nuclear energy liability insurance.

References in periodicals archive ?

A nuclear energy liability policy is a policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or any of their successors.

Individual named insured

In 1956, stock insurance companies responded to the new challenges by forming the Nuclear Energy Liability Insurance Association to write third-party liability coverage and the Nuclear Energy Property Insurance Association to write physical-damage coverage.

Members of the committee that created the Nuclear Energy Liability Insurance Association included Travelers Insurance Co.,Aetna Casualty & Surety Co., Fidelity & Casualty Company of New York, Hartford Accident & Indemnity Co., Indemnity Insurance Company of North America, Royal Indemnity Co.

MARKING MILESTONES

The first half of this portion of the exclusion is paragraph 1(a)(1), which reads: "The insurance does not apply under any liability coverage, to bodily injury or property damage, with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Association of Canada or any of their successors, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability."