FINANCIAL ASSURANCE FUND COVERAGE   All owners of petroleum underground storage tanks are subject to financial responsibility rules and are required participate in the Financial Assurance Fund (Fund). Click on one of the following links to view the requirements for obtaining a Certificate of Coverage. Click here to view the 2024 Addendum to the Certificate of Coverage Click here to view the 2023 Addendum to the Certificate of Coverage Payment of Annual Tank Fees and Annual Fee Assessment Statement Demonstrating Financial Responsibility Certifying Compliance Transferring Ownership of USTs Removing USTs Installing USTs Payment of Annual Tank Fees Fees are assessed annually and are required for all petroleum underground storage tanks (USTs) in the ground at any time between July 1st and June 30th. Applications for Certificate of Coverage/Annual Fee Assessment Statements (Application) are mailed to owners or operators by May 1st of each year and payment is due by July 1st. The 2024 program year annual per-tank fee is $350 for the $55,000 deductible and $550 for the $11,000 deductible. Owners with outstanding fees are not in compliance with the law. The law states that failure to pay any annual fee or late fee assessed will result in the non-issuance or revocation of a Certificate of Coverage. Thus, any owner with outstanding per-tank or late fees, even if the current program year’s fees have been paid, will not be issued a current year Certificate of Coverage. If fees are not remitted by July 1st, a Notification of Non-Compliance is issued advising the owner or operator of the non-compliance and the assessment of a late fee if the per-tank fees are not paid within 30 days. If fees remain unpaid at the end of the 30 days, an Order Pursuant to Law is issued requiring payment of the per-tank fees and assessing a late fee of $100/tank per month up to a maximum of $1,000/tank. Failure to comply with the Order Pursuant to Law will result in the Board notifying the State Fire Marshal of the nonpayment and requesting the State Attorney General’s office to pursue collection of all assessed fees. Fund coverage does not begin until a fully completed Application, including the Statement of Financial Responsibility and Certification of Compliance, and full payment is received and accepted by the Board. Application for Certificate of Coverage/Annual Fee Assessment Statement The Application includes a fee calculation section requiring the applicant to indicate the total number of petroleum USTs owned and the total amount due. Owners of six or fewer USTs can select which deductible they choose for that program year. A pre-printed Listing of Existing Facilities with the number of tanks for each facility reported to the Board in the previous year is included. Owners or operators must also demonstrate financial responsibility for the deductible amount of coverage and certify compliance with the State Fire Marshal’s rules for the operation and maintenance of the USTs for which a Certificate of Coverage is being sought.  Demonstrating Financial Responsibility Financial responsibility is a demonstration by owners or operators that they have the financial capability to pay for damages caused by accidental releases from petroleum USTs. Financial responsibility has two components:  Deductible Coverage An owner must demonstrate he/she is financially able to pay for the deductible amount selected when remitting the annual per-tank fees to the Fund. For most owners, one of six financial responsibility mechanisms approved by the State Fire Marshal must be selected. However, if the owner is a political subdivision, there are four additional financial responsibility mechanisms approved by the State Fire Marshal from which to choose. Details concerning each of these mechanisms can be found in the Financial Responsibility Guide published by the Bureau of UST Regulations (BUSTR). Owners or operators using the “Financial Test of Self Insurance” mechanism must also complete the Financial Responsibility Affidavit included with the Application. Participation in the Financial Assurance Fund Coverage for each release incident of $1 million less the deductible amount is obtained from the Fund by paying the required fees. Participation in the Fund is mandatory for all petroleum UST owners and operators. Certification of Compliance Before the Board can issue a Certificate of Coverage, the law also requires tank owners or operators to certify their petroleum USTs are assurable. To be assurable, USTs must be in compliance with State Fire Marshal’s rules  for the operation and maintenance of petroleum USTs.  Certificate of Coverage A Certificate of Coverage is issued when the Board receives all of the following: A completed Application, including the completed Statement of Financial Responsibility and signed Certification of Compliance Full payment of fees, including any past fees owed Any other documentation that may be required Fees submitted for statutorily exempt tanks or tanks which contain an exempt product will be returned or refunded. However, fees for regulated petroleum tanks which do not meet the requirements for a Certificate of Coverage are not returned and a Certificate of Coverage will not be issued until the non-compliance is corrected. Coverage begins on the effective date stated on the Certificate of Coverage and ends on the subsequent June 30th. When the Board has not issued a valid Certificate of Coverage to an owner or operator for a given UST for two or more consecutive years, additional requirements for obtaining coverage are imposed. Before coverage can be issued, the owner or operator must submit the following: All outstanding fees, including any past fees owed A certification that no release has been suspected or confirmed from the petroleum UST, or any known release is in compliance with State Fire Marshal’s rules A certification that leak detection requirements for the UST have been and continue to be complied with Leak detection records to evidence compliance An out-of-service permit and Out-of-Service Field Inspection report must be submitted for USTs that have been out of service for more than 90 days Transferring Ownership of an Underground Storage Tank When ownership of an underground storage tank is transferred, the owner or operator must notify the director within 30 days of the date of the transfer by mailing or emailing a completed Transfer of Ownership Form with a copy of executed sales documentation (Bill of Sale, Deed Transfer, etc.). For ownership transfers of underground storage tanks that do not also include the sale of real estate, a copy of sales documentation (Asset Purchase Agreement, Bill of Sale, etc.) is required. The director will issue a Notification of Assessment to the purchaser. The Notification assesses a $500 per-facility transfer fee and any other fees the director determines to be outstanding, and requests a completed Application, including a completed Statement of Financial Responsibility and a signed Certification of Compliance. When coverage under the previous owner is at the standard deductible and the new owner owns six or fewer USTs, the new owner may elect to pay the full per-tank fees and acquire coverage at the reduced deductible. Click here for more information concerning ownership transfers and transferring a Certificate of Coverage. Removing an Underground Storage Tank When removing an underground storage tank, the owner or operator must notify the Board in writing by mailing or emailing  a completed Tank Installation/Removal Notification Form, a copy of the narrative portion of the closure report, or a copy of the Removal Field Inspection Report. Installing an Underground Storage Tank When installing petroleum underground storage tanks at a new or existing facility, owners must immediately notify the Board when a regulated petroleum product is introduced into the UST by mailing or emailing a completed Tank Installation/Removal Notification Form. Coverage with the Fund will be effective when full payment and a completed Application for Certificate of Coverage/Annual Fee Assessment Statement are received and accepted by this office. At the responsible person’s option, coverage with the Fund can be effective at the time a regulated petroleum product is first introduced into the UST by mailing or emailing a completed Tank Installation/Removal Notification Form before introducing a regulated petroleum product into the USTs. Upon receipt, an Application for Certificate of Coverage/Annual Fee Assessment Statement will be mailed to the responsible person to assist with remitting the annual per-tank fees, if applicable. If full payment and the completed Application are received by this office before product is introduced into the USTs, the effective date of coverage with the Fund will be the date product is first introduced into the USTs.