TITLE

Nuclear Power Plants Get Whopping Refund

AUTHOR(S)
Johnson, Tom
PUB. DATE
October 1988
SOURCE
Risk Management (00355593);Oct88, Vol. 35 Issue 10, p12
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports on the insurance premium refunds received by operators of nuclear power plants and related facilities, according to Burt C. Proom, president of the American Nuclear Insurers (ANI). The refunds are part of the Industry Credit Rating Plan operated by the two nuclear insurance pools, ANI and the Mutual Atomic Energy Liability Underwriters. Under this plan, about 70% of each year's liability insurance premium is placed in a reserve fund. This fund is used only to pay claims and claim expenses. After a ten-year period, the unused portion of the reserve fund is refunded to the policyholders. The refund reflects the insurance pools' liability experience from their inception in 1957 through 1987, including the 1978 accident at Three Mile Island. According to Proom, the refunds illustrate the insurance industry's continuing confidence in the safety of nuclear power. Nuclear power plants fuel fabrication facilities and low level waste burial facilities are included in the list of companies receiving refunds on approximately 400 liability insurance policies issued by ANI and the Mutual Atomic Energy Liability Underwriters.
ACCESSION #
14329664

 

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