The Coalition has proposed introducing nuclear power in Australia, but with very little detail, even at this late stage in the campaign. And the detail is important. As Bloomberg NEF’s head of Australia research told ABC late last year:
… the standards, the rules, the regulation, the social licence … the practical things about how thick you have to pour your cement, what materials you’re allowed to use in the plant, what companies are allowed to be involved in the fuel supply chain, where you dispose of your waste, what insurance policies have to look like by regulation and law — [these] do not exist in Australia right now.
The point about insurance is an important one because homeowners’ insurance policies would be void in the event of a nuclear accident. Below is a sample of exemptions for nuclear accidents from seven of the biggest Australian insurers.
“Always excluded … nuclear”.
“You are not covered under any section of this Policy… for loss, damage, liability, injury or death caused by or arising from any nuclear, radioactive, biological or chemical material or the use, handling, transportation or storage of such material”.
“General Exclusions … Nuclear and radioactive materials and contamination”.
“General exclusions … any radioactivity, nuclear fuel, nuclear waste or other nuclear material, nuclear weapon, or any nuclear detonation or explosion”.
“You are not covered for loss, damage, or any legal liability you incur because of … radioactivity or the use or escape of any nuclear fuel, material, or waste”.
QBE
“There is no cover under any section of your policy for any claims, loss, cost, damage, injury, death or legal liability, that is caused by, or arises from or in connection with … a nuclear weapon, the use, existence or escape of nuclear fuel, waste, radiation or material, or nuclear fission or fusion”.
“Things we don’t cover Loss or damage to, or caused by, connected with or arising from, or liability caused by, connected with or arising from radioactivity/nuclear materials”.
In the event of a nuclear disaster, or even a minor mishap, home and contents product disclosure statements outline that the insurers will not cover policy-holders. Such exemptions are not new: Australia Institute research in 2019 described the same phenomenon.
The Coalition’s lack of consideration of households’ insurance indicates a lack of foresight in proper regulation and planning.
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And remember, most of these proposed sites are in Coalition electorates. Talk about shooting yourself (and your voters) in the foot, policy-wise.
But that’s what you get for developing a policy from a troll of voters who believe action needs to be done to combat climate change.