GLS:
We are in total agreement but who is to exercise the judgement: the FAA; the customer; the operator; or the pilot.
In some States (and in fact in the current ICAO text), the regulation requires a safe-forced-landing to be carried out in the event of an engine failure. European regulations amplifies that by prohibiting (except in some risk assessed circumstances) flight over a hostile environment in singles (a hostile environment includes the surface conditions, protection of the occupants and survival beyond the search and rescue response/capability) - thus the State takes responsibility.
In the absence of action from the FAA (which is unlikely to change) only the last three are options - I would suggest that in the current climate, the pilot should not bear such a burden and it is therefore left to the operator or the customer - both of whom have corporate responsibility for duty of care.