Financial responsibility requirements exist to ensure that owners and operators of regulated petroleum storage tanks have the financial resources to pay for the cost of corrective action and compensating third parties for bodily injury and property damage that might result from a discharge from a petroleum storage tank system. A storage tank owner or operator must establish and maintain financial responsibility documentation; this can be accomplished by either working with a financial institution that provides required documentation or completing and passing a financial test (self-insurance). Regulations specify how much financial assurance is required and identify the financial mechanisms that can be used. Financial assurance is required for both underground storage tanks (UST) and aboveground storage tanks (AST).
The Florida Department of Environmental Protection (DEP) does not endorse any particular provider company nor does it attest to the accuracy of any information contained on any other website.
Introduction to Storage Tank Financial Responsibility
Some financial assurance (FA) providers (including many insurance and bonding companies) will not cover out-of-service tanks. Before a tank is registered as out-of-service, the owner or operator needs to make sure the tank will continue to be covered by FA. If the current provider will not cover the tank, another form of financial responsibility must be found. An alternative is to close the tank in accordance with DEP rules.
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