Considerations about home insurance because of a nuclear incident are nothing to fret about, says NWMO – CBC.ca.
Nuclear waste could be transported across northwestern Ontario for the next 20 years if a waste disposal facility is built near Ignace, Ont.
The waste could be transported through numerous communities as it would be generated near nuclear power plants in southern Ontario, Quebec or New Brunswick.
A regular homeowner's insurance policy would not cover your property or apartment if it were damaged or uninhabitable due to a nuclear incident, said Pete Karageorgos, director of consumer and industrial relations (Ontario) for the Insurance Bureau of Canada.
"(It is) difficult to quantify or price the cost of insuring this, or it is a situation where it spans so large and wide a geographic area that it is not due to the possible payoff of damages is insurable, "he said, noting in his 27-year insurance career he has never heard of nuclear waste being covered by a homeowner's insurance policy.
The Organization for the Disposal of Nuclear Waste (NWMO) announced that the Nuclear Waste Liability and Compensation Act (NLCA) would come into effect if damage occurred as a result of a nuclear waste accident or spillage.
The law states that every operator is absolutely liable for any incident that releases radioactivity up to a limit of $ 1 billion.
According to the NWMO, the total amount of the upper limit is checked at least every five years.
"To process claims that exceed this amount, there is an international fund to which the Canadian government contributes and can be accessed when needed. Claims in excess of this amount are processed by the federal government," the NWMO said in an explanation.
The NWMO also said there had been no serious injuries, health effects, deaths or environmental impacts from the transportation of nuclear waste, either internationally or domestically.
The transport of the waste would not begin until the 2040s, when the repository was operational.
The NWMO announced Wednesday that it would resume drilling operations near Ignace.
The work will drill the fifth hole in the area and conduct core analysis and testing that will examine the geological structure of the area.
The NWMO said fieldwork for a well can take nine months.