ABSTRACT
Introduction................................................................................................ 113 7.1.1 Coping With UST Financial Responsibility................................. 114 7.1.2 Requirements for Public Acceptance of UST Financial
Responsibility................................................................................ 115 7.1.3 Improving the Chances for Compliance with UST Financial
Responsibility Requirements.......................................................... 116 7.2 Background of UST Financial Responsibility Requirements................... 117
7.2.1 The Environmental and Legal Context of UST Financial Responsibility................................................................................. 117 7.2.1.1 The Scope of Contamination from LUSTs..................... 118 7.2.1.2 Public Involvement in UST Financial Responsibility.... 118
7.3 Evolution and Summary of EPA’s UST Financial Responsibility Program.............................................................................. 119 7.3.1 EPA’s Initial Proposal — April 17, 1987 ..................................... 119 7.3.2 The Final Financial Responsibility
Regulations — October 26, 1988 .................................................. 120 7.3.2.1 Required Levels of Financial Responsibility................. . 121 7.3.2.2 Financial Responsibility Compliance Schedule.............. 122
7.3.2.2.1 Modification of Compliance Dates for Categories III and IV ..................................... 123
7.3.2.2.2 Suspension of Enforcement........................... 124 7.4 Compliance Problems in the Regulated Community................................ 126
7.4.1 UST Insurance................................................................................................. 127 7.4.1.1 Limited Insurance Availability........................................ 127
7.4.1.1.1 The Rising Cost of UST Insurance............... 128 7.4.1.2 The Insurance Industry Perspective................................ 128
7.4.1.2.1 A Changing UST Insurance Climate and Lender Liability....................................... 129
7.4.2 State Financial Assurance Funds................................................... 130 7.4.2.1 The General Role of a Successful State
Financial Assurance Fund............................................... 131
1A.2.2 Potential Conflicts in Administering State Funds.......... 133 1A.23 Specific Problems With State Funds and the Impact
on Private Insurance Availability................................... .....134 7.5 Summary....... 134 Notes...................... 137
