this post was submitted on 08 May 2025
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It is not insuring the reactor for replacement, it is insuring the entire nuclear powered ship so it can enter a port. Ships collide. Ships crash. Ships hit bridges. An oil spill is one thing, nuclear contamination of the entire port is another.
Yes, I'm aware. It's a sector pretty famously pioneered by the British, and Lloyd's of London still operates.
What the Americans did, among others, was to convince the port authorities that they needed to demand such exorbitant levels of insurance on any ship carrying a nuclear cargo that it made the cost to shipping lines just too expensive.