(a) Corrective action cost estimate.

1. (1)

   1. (A) As provided in 40 C.F.R. § 258.73, an owner or operator of a permitted facility required to undertake a corrective action program under 8 CAR § 60-1208, must have a detailed written estimate, in current dollars, of the cost of hiring a third party to perform the corrective action in accordance with the program required under 8 CAR § 60-1208.
   2. (B) The corrective action cost estimate must account for the total costs of corrective action activities as described in the corrective action plan for the entire corrective action period.
   3. (C) The owner or operator must provide the cost estimate to the Director of the Division of Environmental Quality for approval and place the estimate in the operating record.
2. (2) The owner or operator must annually adjust the estimate for inflation until the corrective action program is completed in accordance with 8 CAR § 60-1208.
3. (3) The owner or operator must increase the corrective action cost estimate and the amount of financial assurance provided under subsection (b) of this section if changes in the corrective action program or permitted facility conditions increase the maximum costs of corrective action.

4. (4)

   1. (A) The owner or operator may, upon approval by the director, reduce the amount of the corrective action cost estimate and the amount of financial assurance provided under subsection (b) of this section if the cost estimate exceeds the maximum remaining costs of corrective action.
   2. (B) The owner or operator must provide the justification for the reduction of the corrective action cost estimate and the amount of financial assurance to the director for approval and place the justification and revised cost estimate in the operating record.

(b) Financial assurance for corrective action.

1. (1) The owner or operator of each permitted facility required to undertake a corrective action program under 8 CAR § 60-1208 must establish, in a manner in accordance with 8 CAR § 60-1405, financial assurance for the most recent corrective action program.
2. (2) The owner or operator must provide continuous coverage for corrective action until released from financial assurance requirements for corrective action by demonstrating compliance with 8 CAR § 60-1208(f) and (g).