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

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  • Boyd, James

    (Resources for the Future)

Abstract

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 objections from the regulated community, the rules have been implemented with success and without significant shortfalls in coverage availability.

Suggested Citation

  • Boyd, James, 2001. "Financial Assurance Rules and Natural Resource Damage Liability: A Working Marriage?," RFF Working Paper Series dp-01-11, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-01-11
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    File URL: http://www.rff.org/RFF/documents/RFF-DP-01-11.pdf
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    Cited by:

    1. Stéphan Marette & Estelle Gozlan & Bénédicte Coestier, 2005. "On the Limitation of Penalties and the Non-Equivalence of Penalties and Taxes," European Journal of Law and Economics, Springer, vol. 19(1), pages 135-151, January.
    2. Boyer, Marcel & Porrini, Donatella, 2011. "The impact of court errors on liability sharing and safety regulation for environmental/industrial accidents," International Review of Law and Economics, Elsevier, vol. 31(1), pages 21-29, March.
    3. Axel Klaphake & Volkmar Hartje & Jürgen Meyerhoff, 2005. "Die Monetarisierung ökologischer Schäden in einer europäischen Haftungsregelung: Anmerkungen zur Schadensbewertung angesichts der Erfahrungen in den USA," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(1), pages 23-39, February.

    More about this item

    Keywords

    financial assurance; financial responsibility; natural resource damages; liability;
    All these keywords.

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