Банкеръ Weekly

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KOZLODOUI N-PLANT TO BE INSURED

The Nuclear Power Plant of Kozlodoui, whose units' safety is a subject of special attention for the European Union, will soon buy a civil liability insurance.On Thursday (June 13) the Government approved the draft contract between the N-plant of Kozlodoui and Bulgarian National Insurance Pool. The latter will include 11 insurance companies - Energy, Allianz Bulgaria, Orel, DZI-Public Insurance, Municipal Insurance Company, Jupiter, Levsky Spartak, and EuroIns.The contract between the N-plant and the insurance pool is expected to be officially signed soon. The policy, which will cover damages from a nuclear accident at the site of Kozlodoui, as well as accidents when transporting nuclear fuel, will amount to the BGN equivalent of 15,000,000 Special Drawing Rights of the IMF, or about BGN46MN. It will also cover the risk and expenses, connected with collecting and dismantling nuclear material and the activities for saving persons in cases of accidents or leakage of radiation.The civil liability insurance for Kozlodoui is in compliance with Bulgaria's commitments under the Vienna Convention on Civil Liability for Nucelar Damage and the Act on Usage of Nuclear Power Engineering for Peaceful Purposes. The complete coverage of risk, included in the insurance policy, necessitates the attraction of a foreign reinsurer. Bulgaria has made proposals to the insurance pools of Germany, Switzerland, and Great Britain. The three European associations of insurance companies even made expert assesments of the N-plant's safety last year. If the proposal for reinsurance is accepted by the foreigners, they will undertake 70% of the nuclear risk's reinsurance.

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