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Storage Tank Financial Responsibility Transition to New Forms

Transition to New Form Parts
(form effective date October 2019)

  • Acceptable financial instruments obtained (signed) prior to October 13, 2019, will continue to be acceptable through the stated period of coverage.
    • Documentation that has been determined to be acceptable, but on a second look is found to be deficient, needs to be replaced with new financial assurance instruments using the appropriate form part(s).
    • Instruments that are "evergreen" in nature (bonds, letters of credit, trust funds, standby trust funds (SBTFs), guarantees by a state) that were worded correctly at the time of issuance (and before January 2017) will continue to be acceptable.
    • When the list of facilities changes on an acceptable instrument, the existing instrument may be amended with documentation from the provider company (surety, bank, trustee, guarantor) acknowledging and accepting the changed list of facilities.
  • New instruments (e.g., renewed insurance policies and Self Insurance) must use the current DEP form parts (with form effective date October 2019) when signed after October 13, 2019.
  • Insurance certificates and endorsements using Form 62-761.900(3) Parts C and D:
    • Electronic signatures (for both insurer rep and witness) that follow requirements of ESIGN Act and UETA (and industry best practice standards) are acceptable.
    • The Date of Witness or Notary must be after the issuance of the policy or shortly before its issuance.
    • The new form has a check list for the Insurer to identify how the signatory's authority to amend the policy pursuant to Paragraph 1. is substantiated:
      • embossed or electronic seal of Insurer
      • signature is of Insurer's President (no seal required)
      • signature matches signature on policy (no seal required) - this is one of the signatures on the policy, not the declaration page.
      • accompanying letter from President verifies signatory has authority to amend policies (no seal required)
  • The new Certification of Financial Responsibility (Part P - C.F.R.) form no longer requires a list of facilities [in line with 40 CFR 280.111(b)(11) requirements] as the accompanying instruments have a list of covered facilities. 
    • A new C.F.R. should be completed whenever there is any change to any financial instrument (facility/tank list, coverage period, coverage amount, etc.). 

Main changes to Rules 62-761.420 and 62-762.421, F.A.C.

  • Government agencies that use either a financial test (Parts A or J) or a fund (Part O) have 180 days, instead of 120 days, after the end of the fiscal year to prepare financial assurance documentation.
  • State and Federal Government owners or operators of aboveground storage tanks (ASTs) are no longer exempt from the requirement to demonstrate financial responsibility for ASTs.

Links:

Storage Tank Financial Responsibility Main Page  *  Forms (Mechanisms)  *  Form Guidance (FAQs)  *  Rules and Related Laws  *  Storage Tank Program Contact List

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Last Modified:
October 14, 2019 - 2:50pm

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