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ANI’s liability coverages are designed to satisfy the requirements of the Price-Anderson Act:
The Facility Form policy is the cornerstone of ANI’s nuclear liability coverages. This policy provides coverage to operators of nuclear facilities in the U.S. insuring against third-party bodily injury, property damage or covered environmental cleanup costs caused by the “nuclear energy hazard.” This is a per site policy and insures both operations at the defined site and during transportation. It dovetails closely with the Broad Form Nuclear Exclusion and is purchased to comply with the financial protection requirements of the federal Price-Anderson Act. The maximum single lifetime aggregate limit of liability is currently $500 million per site.
This policy is a “following form” coverage for operators of nuclear power plants for a loss that exceeds the $500 million limit of the Facility Form policy. The SFP policy is a shared responsibility among operating reactors for nuclear accidents. ANI administers this program and it is funded entirely by the nuclear industry through deferred/retro premiums. Only current operating commercial power reactors participate in this program in order to satisfy their financial protection obligations under the federal law (the Price-Anderson Act).
This policy provides coverage for operators of nuclear facilities insured by ANI for radiation tort claims for bodily injury to contractor workers (not employees of the insured) caused by the nuclear energy hazard. Unlike the Facility Form policy which is a per site policy with a single lifetime aggregate limit of $500 million, the Master Worker policy has a single industry shared aggregate limit of $500 million. This coverage is also purchased to comply with the financial protection requirements of the Price-Anderson Act. Facilities participate in the program through issuance of certificates of insurance to the Master Worker policy. Coverage may be purchased by any insured who has a Facility Form policy.
This policy is designed primarily for companies providing products and/or services to the commercial nuclear industry, but also purchased by the majority of operators of nuclear facilities. Similar to the Facility Form policy, it covers damages because of bodily injury, property damage, or environmental cleanup costs. The above damages must be caused by the “nuclear energy hazard” during the policy period. Environmental cleanup costs are only covered in the event of a transportation incident. The S&T policy is considered a “gap” policy that insures certain U.S. exposures outside the scope of the Facility Form and Worker Form coverages. This policy is optional and is not required to be purchased to meet financial protection requirements under the Price-Anderson Act.
Members of ANI are afforded the opportunity to participate in several optional reinsurance pools, which provide high quality reinsurance capacity to other insurance pools or organizations that insure the nuclear risk. Currently, ANI operates a Property XoL Reinsurance Pool, which reinsures domestic property risks insured by Nuclear Electric Insurance Limited (NEIL), as well as a Foreign Reinsurance Pool, which provides liability reinsurance to other nuclear insurance pools and organizations around the globe. In recent years, ANI has also operated a Builders Risk Reinsurance Pool, which reinsured the construction of Units 3 and 4 at the Vogtle plant in Georgia. Any new build reinsurance opportunities will be evaluated by ANI on an individual basis as they arise.
Our Property program reinsures the Nuclear Electric Insurance Limited (NEIL) excess of loss program (XOL) for the entire fleet of U.S. commercial nuclear power reactors and select foreign facilities. The reactor sites reinsured under this program are essentially the same sites that are insured under our domestic liability program. ANI’s participation in this program demonstrates ANI’s broad support of the nuclear industry’s risk profile.
ANI’s assumed Foreign book of business reinsures property and liability risks for the global nuclear industry, primarily in European and Asian markets. ANI’s strategic partnerships with most Foreign pools continue to provide opportunities to optimize the use of our Foreign pool capacity. ANI remains a strong presence in the global nuclear pooling system due to our underwriting, engineering and emergency response expertise.
Our Builders Risk program reinsures NEIL for a single Builders Risk contract: Georgia Power Company’s Vogtle site, units 3 and 4. This was a multi-year project in Georgia for which ANI provided NEIL reinsurance capacity. The main coverage provided in the contract expired on April 29, 2024, when Vogtle unit 4 became commercially operational. The only coverage that remains intact from the Builders’ Risk policy is maintenance coverage, allowing for coverage for maintenance-based activities such as testing of the plant’s power output, steam integrity, and other systems. The maintenance coverage for Unit 3 expires on 1/29/2025 and Unit 4 expires on 10/29/2025.
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