Asbestos Hazard Emergency Response Act of 1986

Asbestos Hazard Emergency Response Act of 1986 - Amends the Toxic Substances Control Act to direct the Administrator of the Environmental Protection Agency (EPA) to promulgate regulations for asbestos hazard abatement in the schools.

Directs the Administrator to develop a model accreditation plan for States to give accreditation to individuals who inspect, manage, abate, and analyze asbestos problems. Makes the use of accredited personnel a condition for receiving financial assistance under the Asbestos School Hazard Abatement Act of 1984.

Requires each State Governor to establish administrative procedures for the certification of school asbestos inspection and abatement programs and for asbestos management plans, all to be carried forward by the local educational agency. Requires warning labels on any asbestos still in routine maintenance areas of a school building.

Makes any local educational agency which fails to comply with this Act liable for civil penalties, including injunctive action. Requires the Administrator or appropriate Governor to investigate citizen complaints

Authorizes the Administrator or the appropriate State Governor to take necessary response measures where asbestos in a school building may be hazardous and adequate local measures have not been taken.

Sets forth the relationship of pollution liability insurance risk retention groups to State law, including securities law.

Establishes the Asbestos Trust Fund in the Treasury to carry out the Asbestos Hazards Abatement Assistance Program. Authorizes appropriations for FY 1987 through 1990.