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- FINANCIAL LIMITS AND INSURANCE- Federal Ministry of Physical Planning and Environment

Regional Workshop - Basel Protocol on Liability and Compensation (January 18-20, 2005, Warsaw / Poland). - FINANCIAL LIMITS AND INSURANCE- Federal Ministry of Physical Planning and Environment Bosnia and Herzegovina. CURRENT LEGISLATION IN BOSNIA AND HERZEGOVINA (BiH).

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- FINANCIAL LIMITS AND INSURANCE- Federal Ministry of Physical Planning and Environment

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  1. Regional Workshop - Basel Protocol on Liability and Compensation(January 18-20, 2005, Warsaw/ Poland) -FINANCIAL LIMITS AND INSURANCE- Federal Ministry of Physical Planning and Environment Bosnia and Herzegovina

  2. CURRENT LEGISLATION IN BOSNIA AND HERZEGOVINA (BiH) • Law on Waste Management stipulates that trans-boundary movements of wastes must be accompanied by financial or other guarantees in accordance with requirements of the destination or transit countries (article 44) • Private insurance companies and international companies experienced in trans-boundary waste movements have been consulted during the drafting of the secondary legislation

  3. CURRENT LEGISLATION IN BiH - contd. • Implementing Regulation - Decree on Financial Guarantees for Trans-boundary Movement of Wastes, enacted in 2005 • Specifies Financial Guarantees covering "All Risks including Risk of Rejection" • Currently allows two types of instruments to cover liability: • Insurance (currently preferred option) • Bank Guarantee (Bank Surety = "Financial Guarantee") • Additional instrument for future consideration: a dedicated Governmental Trust/Revolving Fund?

  4. CURRENT LEGISLATION IN BiH - contd. • The Decree specifies that the Financial Guarantees applied must correspond to the costs of alternative environmentally sound disposal and associated transport, or return of waste to the original holder, should the initially intended disposal of waste turn unfeasible • Key provision: Financial Guarantees applied must be in accordance with requirements of the destination or transit countries • Multiple trans-boundary movements of the same type waste, by the same exporter and using the same routes, are typically covered by a single, general financial guarantee for the total waste amount to be transported during a year

  5. CURRENT APPROACH TO LIABILITYESTABLISHMENT • Specific level of liability (Financial Guarantee) is established on an individual basis, based on: • waste type and quantity • related experience of insurance companies • prior consent of waste importers in destination/transit countries • Proposed level of liability is subject to approval by the Ministry

  6. BASEL PROTOCOL ON LIABILITY AND COMPENSATION • Bosnia and Herzegovina has no record of incidents or damage resulting from trans-boundary waste transports • Minimum limits according to Annex B of the Protocol? • Establishment of actual insurance level for individual cases will initially have to be made taking experience of other, primarily EU countries into account

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