Financial assurance for corrective action

1. The department may require an owner or operator to undertake remedial measures, including corrective action, under the provisions of subsection 10 of North Dakota Century Code section 23.1-08-03 and chapter 61-28 when a release occurs. 2. An owner or operator required to undertake corrective action shall have a detailed estimate, in current dollars, of the cost of hiring a third party to perform the corrective action. a. The cost estimate must account for the total costs of corrective action for the entire corrective action period. b. The owner or operator shall annually adjust the cost estimate for inflation until corrective action is completed. c. The owner or operator shall increase the cost estimate if changes in corrective action or conditions increase the total costs. The owner or operator may reduce the cost estimate if the total costs exceed the maximum remaining costs of corrective action. 3. An owner or operator required to undertake corrective action shall establish financial assurance in accordance with section 33.1-20-14-07 no later than one hundred twenty days after the corrective action remedy has been selected. The owner or operator shall provide continuous coverage for corrective action until demonstrating compliance with article 33.1-16.