Nuclear Insurance

Barbican’s Nuclear Insurance operation comes under the umbrella of the Property Division run by Conor Finn. The Group Chief Executive Officer, David Reeves, also plays an invaluable role here with his expert knowledge of this highly specialised area.

Supporting a key strategic industry

Nuclear energy is a key strategic industry and one that clearly demonstrates superior risk management. As a result it has an excellent claims record over the past 50 years, offering sound insurance opportunities and the prospect of mutually rewarding partnership.

We welcome government plans to rebuild the UK’s nuclear power capacity. We also look forward to playing our part in the nuclear future by working alongside the operators and nuclear pools to provide carefully devised insurance cover to match the very particular needs of this industry.

We aim to provide coverage for nuclear installations and activities pertaining to the nuclear fuel cycle. All risks that are exposed to a major nuclear accident are therefore covered.

Underwriting pool of Nuclear Insurers

As a member of the underwriting pool of Nuclear Risk Insurers, we delegate underwriting authority to its Board. The approach of the Board places an emphasis on Material Damage and Business Interruption covers using up to 100% of our line; and to a lesser extent on Third Party Liability (using up to 35% of our line).

We can also consider writing Excess of Loss contracts for nuclear insurers outside of a pool structure, with our participation in these circumstances limited to $7.50m maximum loss. We expect nuclear insurers to be able to show a long period of low claims activity prior to our involvement.