INIP launches first Nuclear Suppliers’ Insurance policy for India
Q. What does INIP stand for?- Published on 17 Aug 16a. India Nuclear Insurance Policy
b. India Nuclear Insurance Programme
c. India Nuclear Insurance Plan
d. India Nuclear Insurance Pool
ANSWER: India Nuclear Insurance Pool
The India Nuclear Insurance Pool on 12th August 2016 launched India’s first Nuclear Supplier’s Insurance Policy.
- New India Assurance Company Limited and INIP will issue the policy and administer the claims on behalf of the pool.
- INIP has become the 27th insurance pool in the world as countries like France and the US have put similar risk transfer mechanisms in place.
- The policy will cover the risks of liability of nuclear operators and suppliers under Section 6(2) and Section 17 of the Civil Liability for Nuclear Damages (CLND) Act, 2010 respectively.
- It provides three types of policies viz., tier 1 policy for operators, tier 2 policy for turn key suppliers and tier 3 policy for suppliers other than turn key suppliers.
