1. Financial Responsibly

2. Financial
Responsibility Requirements
ALL PETROLEUM UST OWNERS/OPERATORS ARE RESPONSIBLE FOR
COMPLYING WITH THE REGULATIONS!

3. Insurance Coverage Requirements
Per Occurrence:
 $1M per tank for UST owners/operators who handle more than
10,000 gallons of product per month (annual average)
 $500K per tank for UST owners/operators handling smaller
amounts
Aggregate Coverage:
 $1M aggregate coverage ( for owners of up to 100 tanks)
 $2M aggregate coverage (for owners of 101 or more tanks)

4. Financial Responsibility
Assurance Mechanisms Available
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Insurance Coverage
Guarantee
Surety Bond
Letter of Credit
Trust Fund

5. Financial Responsibility
 UST owner must be able to pay for cleanup or third-party liability
compensation resulting from a UST leak
 The financial responsibility mechanism protects the facility ownerby
ensuring that the business will remain viable and will be able to perform
any necessary cleanup
 Owner must maintain a financial responsibility mechanism until the tank is
permanently closed and any contamination cleaned up to satisfaction
 Submit proof of financial responsibility to the Department of Licensing
with any UST addendum to the Master Business License or at time of
renewal to avoid a hold placed on your tank endorsement. Make sure
your aware of the different dated on the business license and insurance,
this could cause a problem during renewal.

6. Financial Responsibility
 USTs for individual home use are not subject to financial responsibility
requirements, but hospitals and apartment buildings, among others, are
subject
 A UST owner/operator without proof of financial responsibility will be
given a short grace period to correct the situation, then may be fined up
to $5,000 per tank per day

7. ECY Notifications
 Financial assurance changes with in 30 days, suspected/confirmed release,
change in ownership
 If UST owner and operator are not the same person, only one person must
demonstrate financial responsibility. However, BOTH PARTIES ARE
RESPONSIBLE IN THE EVENT OF NON-COMPLIANCE

8. Environmentally Sensitive Areas
Agencies in these areas may have special
requirements and/or charge extra fees:
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Areas sensitive to protecting ground or surface water
Areas close to wetlands
Areas located within a 100-year flood plain
Areas especially sensitive to leaking tanks

9. Registration Modifications
 Change in property ownership, tank ownership, or designated permittee
must be submitted within 30 days of change
 Submit modification application with copy of financial assurance
mechanism to DOR