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| Boyd, James. |
| 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... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial assurance; Financial responsibility; Bonding; Environmental insurance; Environmental Economics and Policy; K13; Q38; K32. |
| Ano: 2001 |
URL: http://purl.umn.edu/10809 |
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| Boyd, James. |
| 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... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial assurance; Financial responsibility; Natural resource damages; Liability; Resource /Energy Economics and Policy; K13; K32; Q38. |
| Ano: 2001 |
URL: http://purl.umn.edu/10673 |
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