- 2 - GENERAL BUSINESS LOSS INSURANCE^

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1 PROPERTY INSURANCE Property insurance for nuclear plants has been supplied by two nuclear syndicates, American Nuclear Insurers (ANI) and Mutual Atomic Energy Reinsurance Pool (MAERP), since The maximum amount offered in 1957 was $60 million. This capacity has increased to the maximum amount available today of $300 million. This capacity is presently derived from oyer 250 domestic stock and mutual insurers with a significant portion of the fofal reinsured through markets in other countries, including reciprocal agreements with some twenty nuclear insurance pools. ANI and MAERP have traditionally worked closely together, sharing the coverage for most nuclear plants, while still maintaining their individual identities and decision making processes. In 1973, Nuclear Mutual Limited (NML), a nuclear utility mutual insurance company was formed. NML originally offered $100 million of coverage, but increased the coverage in steps to the current maximum of $375 million (August, 1980). Utilities participating in ANI/MAERP pay an annual premium for the property insurance. Utilities participating in NML pay an annual premium, but are also subject to a retrospective premium of up to 14 times the annual premium. Utj.liti.es are not permitted to obtain insurance from both ANI/MAERP and JjML at the~~same time. TKis policy lias been adopted by both ANI/MAERP and ~~~~~ NML, and is in keeping with standard insurance industry practice. Insurers generally prevent the insured from obtaining double coverage by adding policy warranties which prevent the insured from obtaining any other similar insurance or by adding apportionment clauses which allow the insurer to pay only the amount of a loss proportional to his portion of the total of all applicable insurance. Although some utilities have recognized a need for increased coverage, additional property insurance is not currently available from NhL, ANI/MAERP, or any pthjgr^ijniisiirer. ANI/MAERP is conducting a sottcrfation ceampaign to increase the pool coverage to $375 million. This should be accomplished about the middle of Some member companies of NML have expressed a desire to increase their coverage above $375 million. An increase in coverage could be accomplished if a majority of the member utilities so agreed. Any increase would require an increase in the annual premium and might require a change (upward) of the allowed restrospective premium multiple. Additional insurance is not available from these or other sources, because the property insurance plus the liability insurance at each site represents the maximum amount of exposure that the insurance/financial community is currently willing to risk on one nuclear site. LIABILITY INSURANCE Liability insurance for nuclear plants has been supplied by two nuclear syndicates, American Nuclear Insurers (ANI) and Mutual Atomic Energy Liability Underwriters (MAELU), since The maximum amount offered in

2 1957 was $60 million. The pool coverage has increased to the maximum amount available today of $160 million. This capacity is derived from essentially the same sources as the property insurance. The Price-Anderson Act of 1957 required nuclear power plant owners to secure financial protection with the amount to be determined by the Atomic Energy Commission (AEC) and required the AEG to provide an additional $500 million of indemnity protection. Since the private insurance community was able to provide $60 million of coverage, the maximum total protection was set at $560 million and a statutory cutoff of liability was set at that point. In 1977, the Price-Anderson Act was amended. The statutory liability limit remained at $560 million, but the makeup of the coverage was changed. Each nuclear site obtained insurance from ANI/MAELU for $160 million (effective May, 1979). An additional layer of about $350 million (dependent on the number of operating nuclear units) was provided on a selfinsurance basis by the utility companies, based upon $5 million dollars to be assessed for each operating nuclear unit. Government indemnity equal to the difference between the sum of the first two layers and $560 million would also be provided. It can be seen from this that with periodic increases of pool capacity together with expansion of the utility's selfinsurance layer, there would be a continual diminution of the third (government provided) layer, until at some point, it would disappear. This approach further contemplated that the 1 limitation of liability at $560 million would be modified so that it would float upward, always being equal to the aggregate protection provided by layers one and two. As part of the self-insurance (layer two) scheme, a nuclear utility is subject to an assessment of $5 million per reactor (maximum of $10 million per calendar year) if needed to provide insurance above the maximum private coverage of $160 million. To insure that these assessments can be met, each utility is required to obtain secondary financial insurance from ANI/MAELU. This insurance would pay the assessment for a limited number of utilities financially unable to meet the assessment payment. ANI/MAELU only has $30 million available to apply to these assessments. The $160 million maximum private liability coverage will increase as the pools generate additional capacity. Currently, additional insurance is not available because the liability insurance plus the property insurance at each site represents the maximum amount of exposure that the insurance/financial r rtirnminj_fv_j,ff wilj^'ng to risk gnjr»t;e nuclear site. GENERAL BUSINESS LOSS INSURANCE^ As a result of the cash drain suffered_by GPU after the Three Mile Island arrtjjpni-j yfi'lit-ips rprngm' red a nood to covax ottief rjelajced_3gjcpens_es wfien~mictear p 1 ants are shut down as a result of an accident. This type of coverage for fossil plants has been available for years

3 In September, 1980, nuclear utilities formed a mutual company, Nuclear Electric Insurance Limited (NEIL) to provide funds to pay for replacement ower.in the^fase ot an accident which requires extended nuclear plant stujtdbwn, NEIL would, after a 26 week deductible period, provide $2 million per week for one year, then $51 million per week for the second year. The jnaximum coverage is, therefore, $156 million. NEIL has been joined by about ^thirty-fun nuclear utiijtjles^ Some public 1ftilities have not joined JMt,iL~ because of restrictions in their charters which prevent the payment of retrospective premiums (as required by the self-insurance scheme). In October, 1980, the American Public Power Association (APPA) established the Arnpri-g^LP Foyer Insurance C ^ ^ tj^vn_(a1ptc:) to provide continuing expense coverage to electric utilitiestin the event of a prolonged nuclear plant outage. The costs intended to b/e covered were principal and interest payments on debt and the cost of maintenance and plant security which must continue whether the unit is in operation or not. APIC offers varying amounts of coverage up to $150,000 per day subject to a maximum indemnity of $50 million for the nuclear uniti Claims are to be paid at the covered daily rate for two years, after a 120Hday deductible period. The APIC coverage, provided by private insurers, alrose partly because public utilities could not join NEIL. JChus far, howejver, only one utility has bought the APIC coverage. * Utilities may (apparently) obtain both NEIL and APIC coverage. This has not been verified, since no utility has attempted to join both. Even if a utility has both coverages, it is doubtful that a utility could collect the full coverage amount from both policies. NEIL has interpreted their apportionment clause such that the APIC is considered to be "insurance of the same type." As a result, NEIL would not pay "for a greater proportion of any loss.than the amount of insurance under this Policy bears to the whole amount of insurance." Also, the original APIC policy included a warranty provision which prohibited a utility from obtaining other insurance covering the same loss. Although this warranty has supposedly been removed from the final APIC policy, APIC's intent to avoid double coverage is clear. CPU'S INSURANCE COVERAGE FOR TMI CPU's insurance needs for TMI have been or will be met through policies with three major insurers. The insurers are American Nuclear Insurers (ANI) with Mutual Atomic Energy Liability Underwriters (MAELU) or Mutual Atomic Energy Reinsurance Pool (MAERP), Nuclear Mutual Limited (NML)«and Nuclear Electric Insurance Limited (NEIL). These insurers have provided liability, property and replacement power insurance for TMI. An explanation of the insurance coverage in each of these areas is provided below and the extent of coverage is summarized in Table

4 Table 1 GENERAL PUBLIC UTILITIES TMI-1 and TMI-2 Insurance Coverage 1981 Property Coverage TMI-1 TMI-2 Liability $300 million ANI/MAELU Secondary Financial Policy $160 million $160 million< 3) $5 million per $5 million per accident accident General Business Loss NEIL<2) $156 million Notes: (1) Common to both Unit 1 and Unit 2. Does not cover nuclear loss at TMI-2. (2) Available when Unit 1 returns to service. 26 week deductible, $2 million/week for the first year and $1 million/week for the second year. (3) $140 million of complete liability coverage. $20 million to be paid only in the event of an extraordinary nuclear occurrence. GPU ha_s Jiah-t lity insurance En cover rlaitnc people and businesses off-site that may occur as a result: of plant- - At the, time of the March 28, 1979 accident, GPU had $140 million of liability insurance which was applicable to TMI-1 and TMI-2. This insurance was supplied by ANI/MAELU. This policy has paid about $2.5 million to_^o^pj^_aj^^buslnes^ around TMa rsuof 1979 accident. the coverage under this policy has since been reinstated to $140 million. GPU is required by the Price-Anderson Act to have $160 million of liability coverage (effective May, 1979) for TMI-1 and TMI-2. In order to comply with this requirement, GPU obtained, in May, 1979, an additional increment of liability insurance from ANI/MAELU for TMI-1 to increase the total TMI-1 liability coverage to $160 million. This additional liability coverage was difficult to obtain for TMI-2 due to the insurer's uncertainty about whether the incremental insurance might be called upon to pay for pending claims resulting from the March 28, 1979 accident. The additional coverage has been obtained for TMI-2, however the $20 million of incremental insurance would only be paid in the event of a declaration of an extraordinary nuclear occurrence (ENO)

5 Under the Price-Anderson Act amendment of August 1, 1977, GPU could be assessed $5 million dollars per reactor to help pay liability claims resulting from an accident at any United States nuclear power plant. This assessment would only be made if the affected utility had depleted its $160 million of liability insurance coverage. The maximum assessment that could be made in any calendar year is $10 million per reactor. As a result, the maximum theoretical GPU assessment for TMI for any year would be $20 million ($10 million each for TMI-1 and TMI-2). GPU files annual financial statements with the NRC in accordance with 10CFR to verify its ability to respond to an assessment. To further insure CPU's ability to respond to an assessment, GPU has a secondary financial policy with ANI. This policy would supply $5 million for each reactor up to a maximum of $10 million per reactor per year, i.e. the maximum possible assessment, subject to ANI/MAELU's limit of $30 million available for these payments. GPU has property insurance to cover property against radioactive contamination and all other risks of direct physical loss. At the time of the March 28, 1979 accident, GPU had $300 million of property insurance which was applicable to TMI-1 and TMI-2. The insurance was supplied by ANI/ MAERP. J5PU has collected about $202,000,000 th ough 1.9jO_on_damages to _ lrajgjiispd hy thp Marr.h?B 3 1 Q7Q accident! The remainder of the policy remains collectible as additional covered expenses are incurred. In order to restore insurance protection for TMI-1, GPU obtained $375 million in additional property insurance (applicable only to TMI-1) from NML in increments of $300 million in July, 1979 and $75 million in August, To restore insurance protection for TMI-2, GPU obtained $100 million in additional property insurance (non-nuclear fire and extended coverage) from Lloyd's and other British companies. This policy was not applicable to losses associated with the March 28, 1979 accident. In January 1981, GPU returned < to a single ^^/MA RP_^3 OL mi 11 Ion policy for TMI. The coveraggj ~r~qrh~tmt-9^ hut- Hngg not coyer additional nuclear loss TMI-2. This policy replaced both the $375 million TMI-1 policy and the $100 million TMI-2 policy. GPU will increase the ANI/MAERP policy coverage to $375 million in 1981 when the additional $75 million becomes available. In September, 1980, a general business loss (replacement power) insurance policy was made available by NE IL, a nuclear utility mutual company. GJgU_has applied for this insurancen;pr TMI-1 (after its return J:o j}ervice^_ and it would provide funds to pay for replacement power up to ^156 million. After a 26 week deductible period, this policy would provide $2 million per week for one year, then $1 million per week for the second year

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