Nuclear Energy Risks Exclusion (Insurance) Published

The Joint IUA/LMA Power Generation Committee has produced a Nuclear Energy Risks Exclusion in response to recent developments in nuclear fusion.

The exclusion, based closely on NMA1975A, is intended for use on insurance risks and contains amended definitions for “Nuclear Material”, “Nuclear Reactor” and “High Radioactivity Zone or Area”. The new clause reference is LMA5621; NMA1975A will continue to be available for use.

All LMA model clauses are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk.

Steven Dennis
Senior Executive, Technical Underwriting
steven.dennis@lmalloyds.com