Agenda - 02-09-1999 - 1 - Laserfiche WebLink

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Group's report, insurance still represents a significant roadblock in America's progress in the power reactor field. Liability Insurance Pool Since the date of their interim report, the members of the Study Group have translated their general conclu- sions into specific amounts of insurance. This has neces- sitated the formation of pool arrangements of both the cap- ital stock casualty companies and the mutual companies and the formation of an underwriting syndicate. At a meeting of the Insurance Study Group held on January 31, 1956, it was reported that with respect to third - party liability the syndicate of stock companies will be ready to provide 50 million dollars coverage foreach insured project and that the mutual companies will be prepared to provide coverage in the amount of 10 million dollars. This amount of coverage is more than double the amount of coverage written in any known single instance in the history of liability insurance. In spite of this, however, the indications are that this amount will not be deemed adequate by the atomic energy industry to cover the "conceivable catastrophe ". At recent meetings of industry advisory groups with the Division of Civilian Application, the majority view expressed was to the effect that nothing short of complete protection of corporate assets would be deemed adequate. 26