What are financial responsibility requirements?
When Congress amended Subtitle I of the Resource Conservation and Recovery Act in 1986, it directed the U.S. Environmental Protection Agency (EPA) to develop financial responsibility regulations (PDF) (36 pp, 148K, About PDF) for owners and operators of underground storage tanks. Congress wanted owners and operators of underground storage tanks (USTs) to show that they have the financial resources to clean up a site if a release occurs, correct environmental damage, and compensate third parties for injury to their property or themselves. The amount of coverage required depends on the type and size of the business, as explained in the chart below. OUST produced a 16-page booklet called Dollars And Sense that clearly presents these requirements to UST owners and operators.
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