Nuclear Insurance Research Paper

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• Nuclear Insurance: Price-Anderson Act
The Price-Anderson Act of 1957, cover liability claims of individuals generally for not only personal injury but also any damages to the property which are caused due to a nuclear accident by a commercial nuclear power plant. This enactment has also encouraged investment in commercial nuclear power by private entities and has placed a cap on the total liability amount that any nuclear power plant licensee will incur in the event of an accident and as a result an insurance pool of amount more than $12 billion has formed. As of now, the nuclear power plants owners also pay an annual premium for 375 million dollars for private insurance for coverage for the entire reactor site (not per reactor) as primary insurance. A secondary insurance is also there in the event a where the damage caused by the nuclear accident is beyond 375 million dollars, where each licensee
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property and liability insurance policies. The claims under Price-Anderson Act include any incident (and also includes incidents of theft or purposeful sabotage) like accidents and incidents that might occur while nuclear fuel is transported to a; in its storage; in waste disposal; incidents at the time of operation in a reactor, at the time of discharge of radioactive effluent; and incidents occurring while transporting the nuclear fuel (irradiated) and nuclear waste from the reactor.
Price-Anderson insurance covers the bodily injuries, any sickness or disease, resulting death, damage to the property and living expenses for individuals when evacuated. The Energy Policy Act of 2005 extended the Price-Anderson Act to December 31, 2025. This Act played a major role during the Three Mile Island Power Plant accident, where the insurance pools were used to settle a class-action suit for economic loss that occurred to the residents of island.
• Onsite Insurance
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