Nuclear Accident We Lose Everything, But New Build Reactors Get INSURANCE

Thanks to greed, and special interest lobbying, citizens in reactor host communities are left to hold the bag if there is a nuclear accident. Thanks to the United States Congress and Senate and the Price Anderson Act, we cannot insure our homes for nuclear accidents or a terrorist act on a Nuclear Reactor. Meanwhile, if some host community OPPOSED a New Build Reactor in their neighborhood, seems our government has decided that Nuclear Companies should be insured for such UNFORTUNATE DELAYS!

Now, this is no small time insurance policy either...be one of the first two reactors in line to build a new generation of nuclear reactors, and the DOE is going to guarantee your company $500 million in insurance to offset any costs due to delay from things like LAWSUITS, and that policy is thanks TO OUR TAX DOLLARS...this is on top of the $50 BILLION in loan guarantees that groups like MUSE are now trying to stop.

US government agrees new build insurance
27 September 2007



Companies building new nuclear power plants in the USA can now qualify for a share of $2 billion in federal risk insurance, under a Conditional Agreement released by the Department of Energy (DOE).

The insurance covers costs associated with certain regulatory or litigation-related delays that, through no fault of the company, can delay plant start-up. According to the DOE, the risk insurance, authorized under the Energy Policy Act of 2005, "provides incentive and stability in spurring construction of new nuclear power plants and meeting our energy needs in a clean, safe, economical manner."

Energy Secretary Samuel W Bodman, announcing the agreement, noted: "Conditional Agreements pave the way for risk insurance contracts that will provide the first project sponsors constructing new nuclear power plants with assistance if they face delays in expanding the use of nuclear energy across the nation."

The coverage of the government-backed risk insurance would include delays associated with regulatory reviews of inspections, tests, analyses and acceptance criteria, as well as certain delays associated with pre-operational hearings or litigation in federal, state or tribal courts. Normal business risks, such as employment strikes and weather delays, would not be covered.

Under the Energy Policy Act, the DOE is authorized to enter contracts to provide risk insurance with the first six sponsors to begin construction of new nuclear facilities and that meet all other contractual conditions. Coverage of up to $500 million will be available to the first two plants which begin construction, with up to $250 million for the next four. Application for coverage is a two-step process, with sponsors required to enter a Conditional Agreement first and then, if eligible, a risk insurance contract. The Conditional Agreement is available to any sponsor of an advanced nuclear facility once its application for a Construction and Operating Licence (COL) is docketed by the Nuclear Regulatory Commission (NRC). However, only the first six that are issued a COL and begin construction will be eligible for the risk insurance contract with DOE.