SABIIA - Sistema Aberto e Integrado de Informação em Agricultura (Sabiia)

Financial responsibility rules are an increasingly common form of environmental regulation. Currently, the operators of landfills, underground petroleum storage tanks, offshore rigs, and oil tankers must demonstrate the existence of adequate levels of capital as a precondition to the legal operation of their businesses. Environmental financial responsibility ensures that firms possess the resources to compensate society for pollution costs created in the course of business operations. In addition to providing a source of funds for victim compensation and pollution remediation, financial responsibility is thought to motivate better decision-making, particularly regarding the management of long-term risks. This article describes both the promise of financial...

Financial Responsibility for Environmental Obligations: Are Bonding and Assurance Rules Fulfilling Their Promise?

Palavras-chave: Financial responsibility; Environmental liability; Waste disposal; Environmental Economics and Policy; Q28; L51; K32.

Ano: 1996

URL: http://purl.umn.edu/10592

Financal assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the financial resources necessary to compensate for environmental damage that may arise in the future. Accordingly, assurance is an important complement to liability rules, restoration obligations, and other regulatory compliance requirements. The paper reviews the need for assurance, given the prevalence of abandoned environmental obligations, and assesses the implementation of assurance rules in the United States. From the standpoint of both legal effectiveness and economic efficiency, assurance rules can be improved. On the whole, however, cost recovery, deterrence, and enforcement are...

Global Compensation for Oil Pollution Damages: The Innovations of The American Oil Pollution Act

Palavras-chave: Financial assurance; Financial responsibility; Bonding; Environmental insurance; Environmental Economics and Policy; K13; Q38; K32.

Ano: 2001

URL: http://purl.umn.edu/10809

Via technology and operations standards, U.S. regulation exerts an important influence over worldwide marine safety standards. But in addition, several other aspects of U.S. law deserve wider international consideration and adoption. First, the Oil Pollution Act's natural resource damage provisions are an innovative and effective way to deter marine pollution and provide for the restoration of injured ecological resources. Second, the relatively strict financial requirements imposed on marine transporters help ensure that polluters, rather than the public, pay if damage is caused. Liability and financial responsibility rules are not unknown in other countries. But the United States has a longer history with implementation and applies its rules more...

Financial Assurance Rules and Natural Resource Damage Liability: A Working Marriage?

Palavras-chave: Oil Pollution Act; Natural resource damages; Environmental liability; Financial assurance; Financial responsibility; Valuation; Farm Management; K13; K32; Q38.

Ano: 2004

URL: http://purl.umn.edu/10691

The study explores challenges associated with, and the feasibility of, financial assurance requirements for liabilities arising under U.S. environmental statutes, with a particular emphasis on liabilities associated with natural resource damages (NRDs). The overlap between federal NRD liability and financial assurance arises in the context of two financial assurance rules: one for waterborne vessels that carry oil or hazardous substances, and one for offshore facilities used for oil exploration, drilling, production, or transport. The report addresses the rules' history, their role as a complement to other forms of environmental regulation, and their impact on the regulated community and providers of coverage. Despite numerous difficulties and over...