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Utilizing Third‐Party Inspections for Preventing Major Chemical Accidents

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  • Jweeping Er
  • Howard C. Kunreuther
  • Isadore Rosenthal

Abstract

This paper proposes using certified third parties, coupled with Model Risk Management Programs (Model RMPs), to implement EPA's Proposed Rule on the prevention of chemical accidental releases. We concentrate on the insurance aspects of this third‐party approach and show that it could enable insurers to more cost‐effectively provide coverage against the risks of chemical accidental releases. The third‐party approach may also signal the facility's safety and reduce the enforcement costs of regulations.

Suggested Citation

  • Jweeping Er & Howard C. Kunreuther & Isadore Rosenthal, 1998. "Utilizing Third‐Party Inspections for Preventing Major Chemical Accidents," Risk Analysis, John Wiley & Sons, vol. 18(2), pages 145-153, April.
    • Handle: RePEc:wly:riskan:v:18:y:1998:i:2:p:145-153
    DOI: 10.1111/j.1539-6924.1998.tb00926.x
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    References listed on IDEAS

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    1. Isadore Rosenthal & Patrick J. McNulty & Lyse D. Helsing, 1998. "The Role of the Community in the Implementation of the EPA's Rule on Risk Management Programs for Chemical Accidental Release Prevention," Risk Analysis, John Wiley & Sons, vol. 18(2), pages 171-179, April.
    2. Noll, Roger G., 1989. "Economic perspectives on the politics of regulation," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 22, pages 1253-1287, Elsevier.
    3. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 2, number 2.
    4. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 1, number 1.
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    Cited by:

    1. Stephen Finger & Shanti Gamper-Rabindran, 2013. "Testing the effects of self-regulation on industrial accidents," Journal of Regulatory Economics, Springer, vol. 43(2), pages 115-146, April.
    2. Haitao Yin & Alex Pfaff & Howard Kunreuther, 2011. "Can Environmental Insurance Succeed Where Other Strategies Fail? The Case of Underground Storage Tanks," Risk Analysis, John Wiley & Sons, vol. 31(1), pages 12-24, January.
    3. Howard C. Kunreuther & Patrick J. McNulty & Yong Kang, 2002. "Third‐Party Inspection as an Alternative to Command and Control Regulation," Risk Analysis, John Wiley & Sons, vol. 22(2), pages 309-318, April.
    4. Branden B. Johnson & Caron Chess, 2003. "Communicating Worst‐Case Scenarios: Neighbors' Views of Industrial Accident Management," Risk Analysis, John Wiley & Sons, vol. 23(4), pages 829-840, August.

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