Posted by: Lawyer Sanders | October 15, 2008

Lawyer Sanders says RCRA financial assurance requirements for owners and operators of TSDs will be an enforcement priority for U.S. EPA.

According to several sources, U.S. EPA has apparently identified the financial assurance requirements under RCRA, as a “National Priority” enforcement item. Financial assurance (or financial responsibility) for corrective action is the demonstration (i.e., proof) that adequate money will be available when needed to undertake the necessary cleanup at a RCRA treatment, storage, and disposal (TSD) facility.

 

If correction action, when necessary, cannot be completed prior to the issuance of a permit to a TSD owner or operator, the permit must contain a schedule of compliance for completing such corrective action and assurances of financial responsibility.

 

When EPA issues an order to a TSD facility owner or operator to perform corrective action, it will generally include financial assurance provisions for completing the corrective action. 

Financial assurance for corrective action can be demonstrated through a number of financial mechanisms, including:

  • trust funds,
  • surety bonds,
  • letters or credit,
  • insurance, or
  • qualification as a self-insurer by means of a financial test.

EPA’s Interim Guidance on Financial Responsibility for Facilities Subject to RCRA Corrective Action (PDF) (9/30/03) (17 pp, 297 KB, about PDF) provides guidance on implementing corrective action financial responsibility requirements for TSD facility owners and operators.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: