SMR/AMRUPDATEBy Simon Wilcock,Senior Underwriter at NRISmall modular reactors (SMRs)and the more technologicallydeveloped advanced modularreactors (AMRs) offer sourcesof power and heat with loweroutput and initial capitalinvestment than conventionalnuclear reactors, as well asgreater scalability and sitingflexibility for locations unable toaccommodate larger reactors.Some SMRs and AMRs will use fuels withgreater inherent safety features, especiallyrelated to the prevention of radiologicalreleases in all foreseeable fault conditions.This greater inherent safety may lead toa review of regulatory liability limits bynational and international statutory bodies.NRI is supporting this work and is keento see future agreement of new limitsreflecting any reduction in exposure.On successful completion of the GenericDesign Assessment (GDA) of any newtechnology by nuclear regulators,operators need to submit a separatelicence application for each site at whichthey plan to deploy SMRs/AMRs. RollsRoyce is currently the only company tohave submitted an SMR design for GDA.In the UK, to comply with the Radiation(Emergency Preparedness and PublicInformation) Regulations 2019, operatorsare also required to submit a hazardevaluation and consequence assessment,presenting conclusions to inform off-siteemergency planning. The licensee mustalso produce an on-site emergency planwhere a feasible radiation emergencyexists. Following evaluation of the licenceapplication by the Office for NuclearRegulation and the Environment Agencyto identify potential risks presented by thechosen site, operators are issued with a sitelicence under the Nuclear Installations Act1965 (as amended). Once granted, providedthere are no material changes to thebasis on which the licence was awarded,a nuclear site licence is in force for anindefinite period.Elsewhere, Canada’s three main nuclearutility companies all have projectsunderway to develop SMR/AMRapplications in the country. For example,a joint venture of Ultra Safe NuclearCorporation and Ontario Power Generationwill build an AMR at a site in Chalk River. Inthe US, TerraPower plans to construct itsfirst AMR in Wyoming.NRI has developed a coverage for SMR/AMR projects which are assembled intomodules at off-site locations prior to beingshipped to the final site. This can providecover for nuclear liability and nuclearproperty damage insurance, alongsideconstruction and project cargo coverage,in a single policy.Using well-proven insurance products, NRIis able to cover these new applications andmeet the demands of a changing market.SMR insurance coveragePossiblefueldeliveryPossiblefuelloadingHandover tocommercialoperationsManufacturingModuleinstallationOEM 1OEM 2OEM 3OEM 4ModuleassemblyatFabricationYardTransitto siteCommercialoperationson site andstart upOEM 55
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