Financial Responsibility

These regulations specify the amount and scope of coverage required for corrective action and for compensating third parties for bodily injury and property damage from leaking tanks. The minimum coverage required varies depending on the number of tanks owned, from $1,000,000 for up to 100 USTs to $2,000,000 for more than 100 USTs.

Various mechanisms may be used to fulfill coverage requirements, such as self-insurance, indemnity contracts, insurance, standby trust funds, or state funds. Quick action may ensure that available funds are directed toward coverage. Particular attention should be paid to self-insured tank owners. However, even large companies may go bankrupt, leaving the contracting engineer unprotected.

Information on financial responsibility for new tanks must be filed with the EPA regional office. Owners must also maintain evidence of financial responsibility at tank sites or places of business, or make such evidence available upon request of the implementing agency.

These financial responsibility standards apply to most new and existing UST systems.

The technical requirements for UST rules are summarized in Table 11.19.1.

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