What is the definition of Nuclear Insurance?
Nuclear Insurance provides protection against losses incurred in the event an accident happens during the course of the operation of nuclear reactors and other related facilities. This involves both the federal government, as well as private insurers. This covers property and liability damage.
Nuclear Insurance is usually offered by nuclear insurance pools, as individual insurance companies may be unwilling or unable to cover such a huge risk. Liability payments involving nuclear reactors may reach millions. Also, the production of nuclear energy is still an unproven and new technology, and there is a potential for catastrophic losses.
Insurance pools address these issues by trying to spread the risk across a big number of insurance companies.
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