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Nuclear Exclusion Clause
The nuclear exclusion clause is a clause which excludes damage caused by nuclear and radiation accidents from regular insurance policies of, for example, home owners. : Example: ''Notwithstanding anything to the contrary herein, it is hereby understood and agreed that this policy shall not apply to any loss, damage or expense due to or arising out of, directly or indirectly, nuclear reaction, radiation or radioactive contamination regardless of how it was caused.'' As operators of nuclear power plants often have limited third-party liability, in the case of a nuclear accident it is possible that private property damage would be covered neither by the operator of the nuclear power plant nor by the property owners' insurance. There is no nuclear exclusion clause in health insurance policies. See also * Terrorism insurance *Contract adjustment board In government contracting, a Contract Adjustment Board is a department board at the Secretariat level in the U.S. Government th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exclusion Clause
An exclusion clause is a term in a contract that seeks to restrict the rights of the parties to the contract. Traditionally, the district courts have sought to limit the operation of exclusion clauses. In addition to numerous common law rules limiting their operation, in England and Wales Consumer Contracts Regulations 1999. The Unfair Contract Terms Act 1977 applies to all contracts, but the Unfair Terms in Consumer Contracts Regulations 1999, unlike the common law rules, do differentiate between contracts between businesses and contracts between business and consumer, so the law seems to explicitly recognize the greater possibility of exploitation of the consumer by businesses. Types of exclusion clause There are various methods by which a party may seek to exclude or mitigate liability by use of a contractual term: * True exclusion clause: The clause recognizes a potential breach of contract, and then excuses liability for the breach. Alternatively, the clause is constructe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nuclear And Radiation Accidents
A nuclear and radiation accident is defined by the International Atomic Energy Agency (IAEA) as "an event that has led to significant consequences to people, the environment or the facility. Examples include lethal effects to individuals, large radioactivity release to the environment, reactor core melt." The prime example of a "major nuclear accident" is one in which a reactor core is damaged and significant amounts of radioactive isotopes are released, such as in the Chernobyl disaster in 1986 and Fukushima nuclear disaster in 2011. The impact of nuclear accidents has been a topic of debate since the first nuclear reactors were constructed in 1954 and has been a key factor in public concern about nuclear facilities.M.V. Ramana. Nuclear Power: Economic, Safety, Health, and Environmental Issues of Near-Term Technologies, ''Annual Review of Environment and Resources'', 2009, 34, p. 136. Technical measures to reduce the risk of accidents or to minimize the amount of radioact ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Radioactive Contamination
Radioactive contamination, also called radiological pollution, is the deposition of, or presence of radioactive substances on surfaces or within solids, liquids, or gases (including the human body), where their presence is unintended or undesirable (from the International Atomic Energy Agency (IAEA) definition). Such contamination presents a hazard because the radioactive decay of the contaminants, produces ionizing radiation (namely alpha, beta, gamma rays and free neutrons). The degree of hazard is determined by the concentration of the contaminants, the energy of the radiation being emitted, the type of radiation, and the proximity of the contamination to organs of the body. It is important to be clear that the contamination gives rise to the radiation hazard, and the terms "radiation" and "contamination" are not interchangeable. The sources of radioactive pollution can be classified into two groups: natural and man-made. Following an atmospheric nuclear weapon discharge or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vienna Convention On Civil Liability For Nuclear Damage
The Vienna Convention on Civil Liability for Nuclear Damage is a 1963 treaty that governs issues of liability in cases of nuclear accident. It was concluded at Vienna on 21 May 1963 and entered into force on 12 November 1977. The convention has been amended by a 1997 protocol, in force since 4 October 2003. The depository is the International Atomic Energy Agency. As of February 2014, the convention has been ratified by 40 states. Colombia, Israel, Morocco, Spain, and the United Kingdom have signed the convention but have not ratified it. Slovenia has denounced the treaty and withdrawn from it to become party to the Paris Convention. See also *Nuclear energy policy *Nuclear power *Nuclear power debate *Paris Convention on Third Party Liability in the Field of Nuclear Energy The Paris Convention on Third Party Liability in the Field of Nuclear Energy is a 1960 OECD Convention on liability and compensation for damage caused by accidents occurring while producing nuclear en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability Insurance
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common ''peril'' formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". Background A healt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism Insurance
Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very difficult to predict and the potential liability enormous. For example, the September 11, 2001 attacks resulted in an estimated $31.7 billion loss. This combination of uncertainty and potentially huge losses makes the setting of premiums a difficult matter. Most insurance companies therefore exclude terrorism from coverage in casualty and property insurance, or else require endorsements to provide coverage. Industry needs Concentration of risk is another factor in determining availability for terrorism insurance. Due to the concentrated losses of the World Trade Center, carriers were hit with large losses in one centralized location. Insurers seek to spread the coverage over a wider geographic area than as with other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Adjustment Board
In government contracting, a Contract Adjustment Board is a department board at the Secretariat level in the U.S. Government that deals with disputes and requests for extraordinary relief under Public Law 85-804 of Aug. 28, 1958. In brief: Public Law No. 85-804, codified at 50 U.S.C. § 1431-35 (Supp. IV 1998), grants to the President the authority to authorize any agency which exercises functions in connection with the national defense to enter into contracts or into amendments or modifications of contracts, and to make advance payments, without regard to other applicable legal provisions whenever such action would facilitate the national defense. 50 U.S.C. § 1431. The legislative history of the statute indicates that it may also be used as the basis for making indemnity payments under certain government contracts, the so-called "residual powers. " ECR Current Materials at 1005, 1021. The legislative history explains that " e need for indemnity clauses in most cases arises from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Law 85-804
In government contracting, a Contract Adjustment Board is a department board at the Secretariat level in the U.S. Government that deals with disputes and requests for extraordinary relief under Public Law 85-804 of Aug. 28, 1958. In brief: Public Law No. 85-804, codified at 50 U.S.C. § 1431-35 (Supp. IV 1998), grants to the President the authority to authorize any agency which exercises functions in connection with the national defense to enter into contracts or into amendments or modifications of contracts, and to make advance payments, without regard to other applicable legal provisions whenever such action would facilitate the national defense. 50 U.S.C. § 1431. The legislative history of the statute indicates that it may also be used as the basis for making indemnity payments under certain government contracts, the so-called "residual powers. " ECR Current Materials at 1005, 1021. The legislative history explains that " e need for indemnity clauses in most cases arises from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
