NIAC Introduces Nuclear Insurance Pool Participation By International Pools As A Scalable, Sustainable ‘Made In Canada’ Solution For Increased Liability Limits
Hartford, Conneticut (PRWEB) June 17, 2015 -- Nuclear Insurance Association of Canada (NIAC) General Manager Colleen DeMerchant this morning announced global access to the domestic Canadian nuclear insurance pool by other international nuclear pools, through an arrangement with Nuclear Risk Insurers (NRI).
Under a new co-operative agreement with NRI, NIAC is able to leverage their ‘Made in Canada’ expertise while providing access to other international nuclear insurance pools to increase capacity in order to meet Bill C-22’s $650 million and rising liability limit for nuclear operators.
Canada’s nuclear insurance pool allows Canadian insurers to share the risks of insuring nuclear operators in Canada so that no single insurer is unable to settle claims or is financially ruined by them. From the outset the peril associated with nuclear reactor incidents has been recognized as significant and unpredictable. The damages caused by a major event may be immense, as was the case at the Fukushima Daiichi Nuclear Power Plant after the 2011 Tōhoku earthquake and tsunami. For these reasons, high quality insurance with very large settlement capabilities is required by Canadian and international regulators.
Nuclear insurance pools like NIAC's provide assurance of the high quality insurance required by Canadian operators, which in turn provides peace of mind to the Canadian public. A well-administered pool permits timely and fair claims settlement for all affected parties, in the unlikely event of a catastrophic loss.
NIAC’s involvement with the Canadian and international pooling system is not limited to managing insurance coverage and providing policy guidelines. NIAC provides risk improvement intelligence by conducting comprehensive loss control surveys for the CANDU fleet. It has developed a specialized knowledge base and a unique skill set; understanding the Canadian regulatory requirements for the nuclear industry and the property/casualty industry. “We bring the complex world of nuclear to the complex world of insurance.” Explains Wendy Hayden, NIAC Manager, Underwriting & Operations. "With our deep knowledge of both worlds, we can effectively navigate the most complicated issues on behalf of our stakeholders to provide them with peace of mind."
NIAC acts as Canada’s expert liaison between multiple nuclear stakeholders. Pursuing best practices for Canadian operators and insurers on behalf of all Canadians, NIAC navigates the complexities of both safe nuclear operations and adequate nuclear insurance. With over 50 years of operation NIAC’s effectiveness and value are proven.
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For more information, please contact:
Colleen DeMerchant - General Manager
Nuclear Insurance Association of Canada
colleen(at)niac(dot)biz
Established in 1958, NIAC is a voluntary, non-profit, unincorporated association of insurers providing property and liability insurance to nuclear installations operating in Canada. With members who include insurers, reinsurers and Lloyd’s Underwriters licensed in Canada, we specialize in high quality insurance, risk management, underwriting and inspections for Canadian nuclear exposures.
Colleen DeMerchant, NIAC - The Nuclear Insurance Association of Canada, http://www.naic.biz, +1 (416) 529-9656, [email protected]
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