NIAC announces innovative partnership with Crawford & Company (Canada) on Claims [VIDEO]
October 13, 2016 by Nuclear Insurance Association of Canada (NIAC)
TORONTO – NIAC announces an innovative partnership with Crawford & Company (Canada) Inc., as part of NIAC’s team in creating an enhanced claims response in the event of a release of radiation at one of Canada’s nuclear power stations.
Nuclear Insurance Association of Canada (NIAC) General Manager, Colleen DeMerchant announced that NIAC’s project team of leading claims executives in the Canadian Property/Casualty industry, lead by Wendy Hayden, Manager of Underwriting and Operations, working in conjunction with Jim Cameron of Cameron & Associates and Paul Hancock of Crawford & Company (Canada), have created a new claims process.
“With the significant increase in limits under the Nuclear Liability and Compensation Act, which is coming into force on January 1, 2017 along with other legislative changes and requirements, NIAC decided it was time to take a fresh look at claims administration,” said DeMerchant.
Nuclear insurance pools like NIAC’s provide assurance of the high quality insurance required by Canadian operators, which in turn provides peace of mind to the Canadian public. A well-administered pool permits timely and fair claims settlement for all affected parties, in the unlikely event of a catastrophic loss.
NIAC’s involvement with the Canadian and international systems is not limited to managing insurance coverage and providing policy guidelines. NIAC provides risk improvement intelligence by conducting comprehensive loss control surveys for the CANDU fleet. It has developed a specialized knowledge base and a unique skill set; understanding the Canadian regulatory requirements for the nuclear industry and the property/casualty industry. “We bring the complex world of nuclear to the complex world of insurance.” Explains Wendy Hayden, NIAC Manager, and Underwriting & Operations. “The NIAC Claims Committee is very familiar dealing with events such as a large scale fire and evacuation as we saw earlier this year in Fort McMurray. As well, we wanted a process that was scalable and fiscally prudent with the fiscal controls in place, and was transparent for our members in the pool.”
NIAC acts as Canada’s expert liaison between multiple nuclear stakeholders. Pursuing best practices for Canadian operators and insurers on behalf of all Canadians, NIAC navigates the complexities of both safe nuclear operations and adequate nuclear insurance. With over 50 years of operation NIAC’s effectiveness and value are proven.
For more information, please contact:
Colleen DeMerchant – General Manager
Nuclear Insurance Association of Canada
Established in 1958, NIAC is a voluntary, non-profit, unincorporated association of insurers providing property and liability insurance to nuclear installations operating in Canada. With members who include insurers, reinsurers and Lloyd’s Underwriters licensed in Canada, we specialize in high quality insurance, risk management, underwriting and inspections for Canadian nuclear exposures.
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