GIC Re Launches Nuclear Supplier's Insurance Policy

Within a year of launching the Rs. 1,500 crore India Nuclear Insurance Pool (INIP), state-run GIC Re today unveiled the Nuclear Supplier's Insurance Policy (NSIP). A couple of months back, New India Assurance issued a policy for the operators of nuclear power plants under INIP by underwriting premium to the tune of Rs 100 crore.

"With the launch of Nuclear Supplier's Insurance Policy, we are now in a position to issue policies for both operators and suppliers of nuclear power plants," GIC Re Chairperson and Managing Director Alice Vaidyan said while unveiling the NSIP here. "Around 40 million people are electricity-starved in the country. We will do everything to provide safe power to them by ensuring that the nuclear power plants are safe," she added.

"Apprehension of suppliers of nuclear power plants that recourse of NPCIL was not protected by any insurance policy, doesn't exist any longer as this policy provides that cover," New India Assurance CMD G Srinivasan said.

Atomic Energy Commission Chairman Shekhar Basu said, "We have already completed the construction of 20 nuclear reactors in the country and 10 more are under construction." "The extra supplier's cover will be taken by those who will be supplying equipment to the upcoming 10 nuclear reactors on their becoming operational in future," he said.