Railways and shippers moving crude oil through Canada face higher insurance rates and a new levy meant to cover cleanup costs not covered by insurance in the case of a derailment or spill. The proposed amendments to Canada’s transportation and railway safety act include establishing minimum insurance requirements, creating a disaster relief fund paid by crude oil shippers, and stronger governmental oversight powers. "With this legislation, any railway or any company that ships crude oil will share in accountability for clean-up and compensation costs in event of an accident," Canadian Transport Minister Lisa Raitt said today.
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