10.11.2015 – The word nuclear has a tendency to make people uneasy. Thus it comes as no surprise that Professional Indemnity Insurers in the nuclear space are very cautious when it comes to underwriting this exposure. “We are seeing a lack of experience and knowledge in this politically sensitive sector”, Willis experts Andrew Swan and Bryan Ellis say. Currently the first generation of nuclear decommissioning occurs.
Decommissioning is a new risk that insurers will need to face, despite the uncertainty that surrounds it. According to Willis the knowledge pool is not only limited due to lack of prior experiences, but also due to the worryingly small number of people who are trained experts in the act of decommissioning nuclear plants. At the present time nuclear decommissioning does not have an effective insurance solution in place.
Gaining Professional Indemnity Insurance (PII) in this sector is no impossible feat, though significant legwork is important. The first challenge will come in the form of finding an insurer who will be open to underwriting these new nuclear risks. The trick is to use a Lloyd’s broker with experience in handling engineers and consultants within that sphere. “We are entering an age where PII for nuclear decommissioning projects is going to be in constantly increasing demand”, Swan and Ellis say. (vwh/mst)
Bild: Atomkraftwerk Mülheim-Kärlich (Quelle: Daniel Bleyenberg / pixelio.de)