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EMD-82-B1 1 (1981-10-14)

handle is hein.gao/gaobabcnr0001 and id is 1 raw text is: A~~ 'j bq4~ COMPTROLLER GENERAL OF THE UNITED STATES - WASHINGTON O.C. 2054 B-204678 October 14, 1981 The Honorable William V. Roth, Jr. Chairman, Ccmmittee on Governmental ilNHH Affairs United States Senate 116642 Dear Mr. Chairman: Subject: Proposed nuclear insurance and Three Mile Island cleanup assistance legislation (EMD-82-Bl). Your letter of August 5, 1981, requested our comments on S.1226, 97th Congress, a bill to provide for supplemental insurance to cover damages to nuclear powerplants, including certain remedial action at the Three Mile Island facility. Our comments rely principally on the results of our assessment of the current levels of property damage insurance coverage for nuclear powerplants and the need to provide funding to complete the cleanup of the damaged reactor at Three Mile Island. This assessment was included in our report Greater Commitment Needed to Solve Continuing Problems at Three Mile Island (EMD-81-106, August 26, 1981). NEED FOR ADDITIONAL PROPERTY DAMAGE INSURANCE The supplemental property damage insurance provided under Section 6 of the proposed Act is a much needed measure that has been made evident by the limited insurance proceeds available to c>over cleanup costs 'at Three Mile Island. The $300 million available to the General Public Utilities Corp. for that purpose is less than one-third of the estimated total cost. The under- insured status of utilities with nuclear reactors has been recognized and available insurance coverage has been increased to $450 million. The electric utility industry and private insurance pools are currently in the process of arranging insurance coverage up to $1 billion. Once this program is in place, insurance company officials expect to consider ways to increase the amount even farther if determined to be necessary. Insurance coverage under the proposed Act differs from the private sector offering in two major respects. Section 6 of the proposed Act would provide at least $2 billion of coverage, twice the amount presently planned for by the (309339)

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