The Petroleum Tank Release Compensation Fund, Petroleum Tank Release Compensation Fund Board, Department of Environmental Quality : Performance Audit / Montana Legislative Audit Division, State of Montana 2003
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Figure 10 illustrates the balance between public and private sectors for our four alternatives. The calculated values are based on public versus private expenditures for a typical release where cleanup costs are around $100,000. For comparative purposes, similar values for Petrofund are also included. Page 54 Chapter V - Future of Petrofund Figure 10 Public vs. Private Involvement in Different Fund Models Private Insurance State Reinsurance Modified Assurance State Insurance Petrofund Source: C...ompiled by the information from D Public D Private legislative Audit Division from department records and other states. Private Insurance Fund The four alternative models we identified are discussed in greater detail in the following sections, including advantages and disadvantages. Private insurance has not always been readily available or affordable for many tank owner/operators. Prior to the enforcement of federal upgrade requirements, many tanks were uninsurable. As private coverage became less affordable, state assurance funds filled the void.
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