Section 173-360-450. Recordkeeping.

(1) Owners or operators shall maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under WAC 173-360-400 through 173-360-499 for an underground storage tank until released from the requirements of WAC 173-360-400 through 173-360-499 under 173-360-456. An owner or operator shall maintain such evidence at the underground storage tank site or the owner's or operator's place of business. Records maintained offsite shall be made available upon request of the department or delegated agency.

(2) An owner or operator shall maintain the following types of evidence of financial responsibility:

(a) An owner or operator using an assurance mechanism specified in WAC 173-360-413 through 173-360-433 shall maintain a copy of the instrument worded as specified.

(b) An owner or operator using a financial test or guarantee shall maintain a copy of the chief financial officer's letter based on year-end financial statements for the most recent completed financial reporting year. Such evidence shall be on file no later than one hundred twenty days after the close of the financial reporting year.

(c) An owner or operator using a guarantee, surety bond, or letter of credit shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement.

(d) An owner or operator using an insurance policy or risk retention group coverage shall maintain a copy of the signed insurance policy or risk retention group coverage policy, with the endorsement or certificate of insurance and any amendments to the agreements.

(e) An owner or operator covered by a financial assurance program shall maintain on file a copy of any evidence of coverage supplied by or required by the state.

(f) An owner or operator using an assurance mechanism specified in WAC 173-360-413 through 173-360-433 shall maintain an updated copy of a certification of financial responsibility worded as set forth in WAC 173-360-496, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted.

The owner or operator shall update this certification whenever the financial assurance mechanism(s) used to demonstrate financial responsibility change(s).

[Statutory Authority: Chapter 90.76 RCW. WSR 90-24-017, § 173-360-450, filed 11/28/90, effective 12/29/90.]

Chapter 90.76 RCW. WSR 90-24-017, § 173-360-450, filed 11/28/90, effective 12/29/90.

Rules

173-360-400,173-360-499,173-360-400,173-360-499,173-360-456,173-360-413,173-360-433,173-360-413,173-360-433,173-360-496,