This document outlines financial responsibility requirements for petroleum underground storage tank (UST) owners and operators. It states that all owners/operators must comply with regulations and maintain a minimum level of insurance coverage per occurrence and in aggregate, depending on the amount of product handled monthly. It also lists the acceptable financial responsibility assurance mechanisms and notes that owners must be able to pay for cleanup costs or third-party liability from a leak. Owners must maintain financial coverage until tanks are permanently closed and contamination is cleaned up.

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