Price-Anderson Act

(redirected from Price-Anderson Act of 1957)

Price-Anderson Act

Legislation in the United States seeking to incentivize nuclear power by limiting the liability of nuclear plants in the event of an accident. Under the Act, the nuclear power industry is responsible for the first $10 billion of damages resulting from a spill or other accident, while the federal government is responsible for any losses exceeding that amount. It was passed in 1957 and has been renewed several times since.
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The government also enacted the Price-Anderson Act of 1957, requiring nuclear power operators to carry the maximum insurance offered by private insurance companies but also limiting their liability--a stipulation demanded by the utility companies before they would invest in building nuclear power plants.
The Price-Anderson Act of 1957 provides indemnity protection to the industry in the case of nuclear accident and establishes a no-fault insurance regime for compensation of public damages.