Price--Anderson Act: the insurance industry's view
The insurance industry feels the expense of providing insurance coverage under the Price-Anderson Act is justified because it encouraged development of nuclear power and assured protection for the public in the event of an accident. Insurance pools have been instituted in about 20 countries in order to distribute the risk on a worldwide basis. Changes in the original Act allow an off-site claimant to get compensation with defense waived and provide for the transition of financial responsibility from the public to the private sector. To date the pools have refunded $9.7 of $12.7 million (73 percent) of the premiums to the insured and the remainder has grown into a $45 million fund, which reflects the success of the nuclear industry and the regulatory agencies in establishing a safe record. This record covers 60 power reactors, 50 research and development reactors, waste disposal sites, and about 50 nuclear facilities. With the exception of reactor operators and fuel reprocessors, the insurance is voluntary at premiums ranging from $1000 to $260,000. A total of $600,000 has been paid in claims. (DCK)
- OSTI ID:
- 7308407
- Journal Information:
- Forum (Chicago); (United States), Journal Name: Forum (Chicago); (United States) Vol. 12:2; ISSN FRUMC
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
220901 -- Nuclear Reactor Technology-- Reactor Safety-- Accident Liability
29 ENERGY PLANNING, POLICY, AND ECONOMY
290600* -- Energy Planning & Policy-- Nuclear Energy
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
99 GENERAL AND MISCELLANEOUS
990400 -- Law
ACCIDENTS
CIVIL LIABILITY
COST
GOVERNMENT POLICIES
HAZARDS
HEALTH HAZARDS
INSURANCE
LAWS
LEGAL ASPECTS
LEGISLATION
LIABILITIES
MANAGEMENT
NUCLEAR FACILITIES
NUCLEAR INSURANCE
NUCLEAR POWER PLANTS
POWER PLANTS
PRICE-ANDERSON ACT
PUBLIC HEALTH
PUBLIC RELATIONS
RADIOACTIVE WASTE MANAGEMENT
REACTOR SAFETY
REGULATIONS
SAFETY
THERMAL POWER PLANTS
WASTE MANAGEMENT