N.J. Admin. Code § 7:14B-13.8 - Financial responsibility assurance
(a) As a condition
of certification or renewal of certification, a business firm engaged in
providing underground storage tank services shall maintain evidence of
financial responsibility assurance pursuant to this section, for the mitigation
or remediation of a hazardous substance discharge resulting from the
performance of such services. Financial responsibility assurance in the amount
and form required in this section shall be maintained for the term of the
certification of the business firm.
(b) A business firm shall provide written
notification to the Department 120 days prior to any cancellation or change in
status of a mechanism used to provide financial responsibility assurance at the
address at 7:14B-2.2(b).
(c) Financial responsibility assurance may be
demonstrated through one or more of the following mechanisms:
1. Liability insurance as follows:
i. Liability insurance may be in the form of
a separate insurance policy, or an endorsement to an existing policy which
covers the remediation of a discharge resulting from the performance of those
services which the insured is certified to perform under this
subchapter;
ii. The policy shall
provide limits of liability for at least $ 250,000 per occurrence and at least
$ 250,000 annual aggregate;
iii.
The insurer is responsible for the payment of all monies to the limit of the
policy, including any deductible applicable to the policy, to the provider of
remediation with a right to reimbursement by the insured for any such payment
made by the insurer; and
iv. Each
insurance policy shall be issued by an insurer that, at a minimum, is licensed
to transact the business of insurance or eligible to provide insurance as an
excess or surplus lines insurer in New Jersey; or
2. A surety bond, letter of credit,
self-insurance or other security posted with the Department in the amount of no
less than $ 250,000, provided that prior approval for the use of the surety
bond, letter of credit, self-insurance or other security posted with the
Department is received in writing from the Department.
(d) A business firm engaged in providing
underground storage tank services shall maintain for the duration of the term
of certification, and for six years following the expiration of the
certification, records demonstrating the business firm's compliance with the
financial responsibility assurance requirement at (a) above. The business firm
shall make the records available to the Department on request.
Notes
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