Provides a financial assurance mechanism to meet the needs for the closure and/or post-closure costs of a regulated waste facility.
Financial Assurance in California
This policy is suitable for:
Any customer class that owns or operates a landfill, waste treatment unit or a Hazardous Waste Treatment, Storage or Disposal facility and is required to post financial assurance costs to meet the regulatory guidelines under RCRA.
Policy Benefits
- Allows for payments directly to the regulatory agency for a full or partial closure and/or post-closure costs
- Pays on behalf of the Insured. The Company can deal directly with the regulatory agency on behalf of the Insured
- Uses a deductible in lieu of a retention for any retained amount
- Modified cancellation provisions to comply with the financial assurance guidelines
- Assists the Insured in meeting its financial assurance obligations
- Policy is subject to a Guaranty Agreement to back the Limits of Liability offered
Policy Features
- Limits of Liability up to $50 million Aggregate
- One-Year Policy Term
- $25,000 minimum premium
- Covered Locations in US and Canada
- Separate Limits can apply to each coverage part
Submission Requirements
- GAIG General Application for Environmental Insurance
- GAIG Closure and Post Closure Financial Assurance Supplement
- Last two (2) years audited financial statements and/or 10-K reports
- Copy of Closure and Post Closure plans filed with the regulatory agency
- Latest Risk Control reports