Alaska Administrative Code
Title 18 - Environmental Conservation
Chapter 75 - Oil and Other Hazardous Substances Pollution Control
Article 2 - Financial Responsibility for Oil Discharges
18 AAC 75.250 - Insurance
Current through February 27, 2024
(a) An applicant may demonstrate financial responsibility with insurance for the applicable amount required under 18 AAC 75.235(a), in full or in part. The applicant shall provide proof of insurance issued by an insurer either who is authorized to sell insurance in Alaska under a certificate of authority issued by the director of the division of insurance of the Department of Commerce, Community, and Economic Development or who is an unauthorized insurer listed by the division of insurance as meeting the minimum trust or capital and surplus requirements of AS 21.34.040(c). Proof of insurance may be provided by a binder, by a certificate of insurance acceptable in form to the department, or by a copy of the policy. If a binder or certificate of insurance is submitted to meet the requirements of this subsection, a copy of the underlying insurance policy must also be provided to the department within 90 days.
(b) Except for nontank vessels submitting proof of financial responsibility under 18 AAC 75.271(a) (2) or (3), if a policy of insurance, certificate, or binder is submitted, it must include an endorsement with the following, or substantially similar language: "Any other provision of this policy notwithstanding:
(c) An applicant may submit a claims made policy if it contains
(d) A deductible provision in any policy of insurance, binder, or certificate is acceptable if
(e) For purposes of this section "claims made policy" means a policy of liability insurance that covers claims arising out of a discharge occurring after a specified retroactive date but before the end of the policy period and first made to the insurer during the policy period or extended reporting period.
As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.
Authority:AS 46.03.020
AS 46.04.040
AS 46.04.045
AS 46.04.055
AS 46.04.070