Nuclear Accident Sample Clauses
The 'Nuclear Accident' clause defines what constitutes a nuclear accident for the purposes of the contract and typically outlines the scope of liability or exclusions related to such events. In practice, this clause specifies that damages, losses, or liabilities arising from nuclear incidents—such as radiation leaks, explosions at nuclear facilities, or contamination—are either excluded from coverage or subject to special terms. Its core function is to allocate risk by clarifying that the parties are not responsible for losses resulting from nuclear accidents, thereby protecting them from potentially catastrophic and unpredictable liabilities.
Nuclear Accident. All liability of the Company or a Legal Entity arising by contract, operation of law, or otherwise, from its participation or membership, whether voluntary or involuntary, in any insolvency fund. “Insolvency fund” includes any guaranty fund, insolvency fund, plan, pool, association, fund or other arrangement, however denominated, established or governed, which provides for any assessment of or payment or assumption by the Company or a Legal Entity of part or all of any claim, debt, charge, fee or other obligation of any insurer, or its successors or assigns, which has been declared by any competent authority to be insolvent, or which is otherwise deemed unable to meet any claim, debt, charge, fee or other obligation in whole or in part.