Current through Register Vol. 48, No. 38, September 20, 2024
a)
Coverage for Sudden Accidental Occurrences. The owner or operator of one or
more hazardous secondary material reclamation facilities or intermediate
facilities that are subject to financial assurance requirements pursuant to
Section
721.104(a)(24)(F)(vi)
must demonstrate financial responsibility for bodily injury and property damage
to third parties caused by sudden accidental occurrences arising from
operations of its facilities. The owner or operator must maintain liability
coverage in force for sudden accidental occurrences in the amount of at least
$1 million per occurrence with an annual aggregate of at least $2 million,
exclusive of legal defense costs. This liability coverage may be demonstrated
as specified in any of subsections (a)(1), (a)(2), (a)(3), (a)(4), (a)(5), or
(a)(6).
1) An owner or operator may
demonstrate the required liability coverage by having liability insurance that
satisfies the requirements of this subsection (a)(1).
A) Each insurance policy must be amended by
attachment of the Hazardous Secondary Material Facility Liability Endorsement,
or evidenced by a Certificate of Liability Insurance. The wording of the
Hazardous Secondary Material Facility Liability Endorsement must be identical
to the wording specified by the Agency pursuant to Section
721.251.
The wording of the Certificate of Liability Insurance must be identical to the
wording specified by the Agency pursuant to Section 721.251. The owner or
operator must submit a signed duplicate original of the Hazardous Secondary
Material Facility Liability Endorsement or the Certificate of Liability
Insurance to the Agency. If requested by the Agency, the owner or operator must
provide a signed duplicate original of the insurance policy.
B) At a minimum, each insurance policy must
be issued by an insurer that is licensed to transact the business of insurance,
or which is eligible to provide insurance as an excess or surplus lines
insurer, in one or more states.
2) An owner or operator may satisfy the
requirements of this Section by passing a financial test or using the guarantee
for liability coverage that satisfies the requirements of subsections (f) and
(g).
3) An owner or operator may
satisfy the requirements of this Section by obtaining a letter of credit for
liability coverage that satisfies the requirements of subsection (h).
4) An owner or operator may satisfy the
requirements of this Section by obtaining a surety bond for liability coverage
that satisfies the requirements of subsection (i).
5) An owner or operator may satisfy the
requirements of this Section by obtaining a trust fund for liability coverage
that satisfies the requirements of subsection (j).
6) An owner or operator may demonstrate the
required liability coverage through the use of a combination of insurance
(subsection (a)(1)), financial test (subsection (f)), guarantee (subsection
(g)), letter of credit (subsection (h)), surety bond (subsection (i)), and
trust fund (subsection (j)), except that the owner or operator may not combine
a financial test covering part of the liability coverage requirement with a
guarantee where the financial statement of the owner or operator is
consolidated with the financial statement of the guarantor. The amounts of
coverage demonstrated by the combination must total at least the minimum
amounts required for the facility by this Section. If the owner or operator
demonstrates the required coverage through the use of a combination of
financial assurances pursuant to this subsection (a)(6), the owner or operator
must specify at least one such assurance as "primary" coverage and all other
assurance as "excess" coverage.
7)
An owner or operator must notify the Agency in writing within 30 days whenever
any of the following events has occurred:
A)
A claim has resulted in a reduction in the amount of financial assurance for
liability coverage provided by a financial instrument authorized by any of
subsections (a)(1) through (a)(6);
B) A Certification of Valid Claim for bodily
injury or property damages caused by a sudden or non-sudden accidental
occurrence arising from the operation of a hazardous secondary material
reclamation facility or intermediate facility is entered between the owner or
operator and a third-party claimant for liability coverage established pursuant
to any of subsections (a)(1) through (a)(6); or
C) A final court order that establishes a
judgment for bodily injury or property damage caused by a sudden or non-sudden
accidental occurrence which arose from the operation of a hazardous secondary
material reclamation facility or intermediate facility is issued against the
owner or operator or an instrument that is providing financial assurance for
liability coverage pursuant to any of subsections (a)(1) through (a)(6).
BOARD NOTE: Corresponding
40 CFR
261.147(a) recites that it
applies to "a hazardous secondary material reclamation facility or intermediate
facility with land-based units...or a group of such facilities". The Board has
rendered this provision in the singular, intending that it include several
facilities as a group where necessary. The Board does not intend to limit the
applicability of this provision to multiple facilities. Note that the Agency
can require compliance with this provision by a facility to which it would not
otherwise apply pursuant to subsection (d)(2), subject to the owner's or
operator's right to appeal an Agency determination to the
Board.
b) Coverage for Non-sudden Accidental
Occurrences. An owner or operator of a hazardous secondary material reclamation
facility or intermediate facility with land-based units, as defined in Section
720.110, that is
used to manage hazardous secondary materials excluded pursuant to Section
721.104(a)(24)
must demonstrate financial responsibility for bodily injury and property damage
to third parties caused by non-sudden accidental occurrences that arise from
operations of the facility or group of facilities. The owner or operator must
maintain liability coverage for non-sudden accidental occurrences in the amount
of at least $3 million per occurrence with an annual aggregate of at least $6
million, exclusive of legal defense costs. An owner or operator that must
satisfy the requirements of this Section may combine the required per
occurrence coverage levels for sudden and non-sudden accidental occurrences
into a single per-occurrence level, and the owner or operator may combine the
required annual aggregate coverage levels for sudden and non-sudden accidental
occurrences into a single annual aggregate level. An owner or operator that
combines coverage levels for sudden and non-sudden accidental occurrences must
maintain liability coverage in the amount of at least $4 million per occurrence
and $8 million annual aggregate. The owner or operator may demonstrate this
liability coverage by any of the means set forth in subsections (b)(1) through
(b)(6):
1) An owner or operator may
demonstrate the required liability coverage by having liability insurance that
satisfies the requirements of this subsection (b)(1).
A) Each insurance policy must be amended by
attachment of the Hazardous Secondary Material Facility Liability Endorsement
or evidenced by a Certificate of Liability Insurance. The wording of the
Hazardous Secondary Material Facility Liability Endorsement must be identical
to the wording specified by the Agency pursuant to Section 721.251. The wording
of the Certificate of Liability Insurance must be identical to the wording
specified by the Agency pursuant to Section 721.251. The owner or operator must
submit a signed duplicate original of the Hazardous Secondary Material Facility
Liability Endorsement or the Certificate of Liability Insurance to the Agency.
If requested by the Agency, the owner or operator must provide a signed
duplicate original of the insurance policy.
B) At a minimum, each insurance policy must
be issued by an insurer that is licensed to transact the business of insurance,
or which is eligible to provide insurance as an excess or surplus lines insurer
in one or more states.
2)
An owner or operator may satisfy the requirements of this Section by passing a
financial test or by using the guarantee for liability coverage that satisfies
the requirements of subsections (f) and (g).
3) An owner or operator may satisfy the
requirements of this Section by obtaining a letter of credit for liability
coverage that satisfies the requirements of subsection (h).
4) An owner or operator may satisfy the
requirements of this Section by obtaining a surety bond for liability coverage
that satisfies the requirements of subsection (i).
5) An owner or operator may satisfy the
requirements of this Section by obtaining a trust fund for liability coverage
that satisfies the requirements of subsection (j).
6) An owner or operator may demonstrate the
required liability coverage through the use of a combination of insurance
(subsection (b)(1)), financial test (subsection (f)), guarantee (subsection
(g)), letter of credit (subsection (h)), surety bond (subsection (i)), or trust
fund (subsection (j)), except that the owner or operator may not combine a
financial test covering part of the liability coverage requirement with a
guarantee where the financial statement of the owner or operator is
consolidated with the financial statement of the guarantor. The amounts of
coverage demonstrated by the combination must total to at least the minimum
amounts required for the facility by this Section. If the owner or operator
demonstrates the required coverage through the use of a combination of
financial assurances pursuant to this subsection (b)(6), the owner or operator
must specify at least one such assurance as "primary" coverage and all other
assurance as "excess" coverage.
7)
An owner or operator must notify the Agency in writing within 30 days whenever
any of the following events has occurred:
A)
A claim has resulted in a reduction in the amount of financial assurance for
liability coverage provided by a financial instrument authorized by any of
subsections (b)(1) through (b)(6);
B) A Certification of Valid Claim for bodily
injury or property damages caused by a sudden or non-sudden accidental
occurrence arising from the operation of a hazardous secondary material
treatment or storage facility is entered between the owner or operator and a
third-party claimant for liability coverage established pursuant to any of
subsections (b)(1) through (b)(6); or
C) A final court order that establishes a
judgment for bodily injury or property damage caused by a sudden or non-sudden
accidental occurrence which arose from the operation of a hazardous secondary
material treatment and/or storage facility is issued against the owner or
operator or an instrument that is providing financial assurance for liability
coverage pursuant to any of subsections (b)(1) through (b)(6).
BOARD NOTE: Corresponding
40 CFR
261.147(b) recites that it
applies to "a hazardous secondary material reclamation facility or intermediate
facility with land-based units...or a group of such facilities". The Board has
rendered this provision in the singular, intending that it include several
facilities as a group where necessary. The Board does not intend to limit the
applicability of this provision to multiple facilities. Note that the Agency
can require compliance with this provision by a facility to which it would not
otherwise apply pursuant to subsection (d)(2), subject to the owner's or
operator's right to appeal an Agency determination to the
Board.
c) Petition for Adjusted Standard. If an
owner or operator can demonstrate that the level of financial responsibility
required by subsection (a) or (b) is not consistent with the degree and
duration of risk associated with treatment or storage at a facility, the owner
or operator may petition the Board for an adjusted standard pursuant to Section
28.1 of the Act. The petition for an adjusted standard must be filed with the
Board and submitted in writing to the Agency, as required by 35 Ill. Adm. Code
101 and Subpart D of 35 Ill. Adm. Code 104. If granted, the adjusted standard
will take the form of an adjusted level of required liability coverage, such
level to be based on the Board's assessment of the degree and duration of risk
associated with the ownership or operation of the facility or group of
facilities. The owner or operator that requests an adjusted standard must
provide such technical and engineering information as is necessary for the
Board to determine that an alternative level of financial responsibility to
that required by subsection (a) or (b) should apply.
BOARD NOTE: Corresponding
40 CFR
261.147(c) allows
application for a "variance" for "the levels of financial responsibility"
required for "the facility or group of facilities". The Board has rendered this
provision in the singular, intending that it include a single petition
pertaining to several facilities as a group. The Board does not intend to limit
the applicability of this provision to multiple facilities in a single
petition. The Board has chosen the adjusted standard procedure for variance
from the level of financial responsibility required by subsection (a) or
(b).
d) Adjustments by the
Agency
1) If the Agency determines that the
level of financial responsibility required by subsection (a) or (b) is not
consistent with the degree and duration of risk associated with treatment or
storage of hazardous secondary material at a facility, the Agency may adjust
the level of financial responsibility required to satisfy the requirements of
subsection (a) or (b) to the level that the Agency deems necessary to protect
human health and the environment. The Agency must base this adjusted level on
an assessment of the degree and duration of risk associated with the ownership
or operation of the facility.
2) In
addition, if the Agency determines that there is a significant risk to human
health and the environment from non-sudden accidental occurrences resulting
from the operations of a facility that is not a surface impoundment, pile, or
land treatment facility, the Agency may require the owner or operator of the
facility to comply with subsection (b).
3) An owner or operator must furnish to the
Agency, within a reasonable time, any information that the Agency requests to
aid its determination whether cause exists for such adjustments of level or
type of coverage.
BOARD NOTE: The owner or operator may appeal any Agency
determination made pursuant to this subsection (d) pursuant to Section 40 of
the Act.
e)
Release from the Financial Assurance Obligation for a Facility or a Unit at a
Facility
1) After an owner or operator has
removed all hazardous secondary material from a facility or a unit at a
facility and decontaminated the facility or unit at the facility, the owner or
operator may submit a written request that the Agency release it from the
obligation of subsections (a) and (b) as they apply to the facility or to the
unit. The owner or operator and a qualified Professional Engineer must submit
with the request certifications stating that all hazardous secondary materials
have been removed from the facility or from a unit at the facility, and that
the facility or a unit has been decontaminated in accordance with the owner's
or operator's Agency-approved Section
721.243(h)
plan.
2) Within 60 days after
receiving the complete request and certifications described in subsection
(e)(1), the Agency must notify the owner or operator in writing of its
determination on the request. The Agency must grant the request only if it
determines that the owner or operator has removed all hazardous secondary
materials from the facility or from the unit at the facility and that the owner
or operator has decontaminated the facility or unit in accordance with its
Agency-approved Section
721.243(h)
plan.
3) After an affirmative finding by the Agency
pursuant to subsection (e)(2), the owner or operator is no longer required to
maintain liability coverage pursuant to Section
721.104(a)(24)(F)(vi)
for that facility or unit at the facility that is indicated in the written
notice issued by the Agency.
BOARD NOTE: The Board has broken the single sentence of
corresponding
40 CFR
261.147(e) into five
sentences in three subsections in this subsection (e) for enhanced clarity. The
owner or operator may appeal any Agency determination made pursuant to this
subsection (e) pursuant to Section 40 of the Act.
f) Financial Test for Liability Coverage
1) An owner or operator may satisfy the
requirements of this Section by demonstrating that it passes one of the
financial tests specified in this subsection (f)(1). To pass a financial test,
the owner or operator must meet the criteria of either subsection (f)(1)(A) or
(f)(1)(B):
A) Test 1. The owner or operator
must have each of the following:
i) Net
working capital and tangible net worth each at least six times the amount of
liability coverage that the owner or operator needs to demonstrate by this
test;
ii) Tangible net worth of at
least $10 million; and
iii) Assets
in the United States that amount to either at least 90 percent of the owner's
or operator's total assets or at least six times the amount of liability
coverage that it needs to demonstrate by this test.
B) Test 2. The owner or operator must have
each of the following:
i) A current rating
for its most recent bond issuance of AAA, AA, A, or BBB, as issued by Standard
and Poor's, or Aaa, Aa, A, or Baa, as issued by Moody's;
ii) Tangible net worth of at least $10
million;
iii) Tangible net worth at
least six times the amount of liability coverage to be demonstrated by this
test; and
iv) Assets in the United
States amounting to either at least 90 percent of the owner's or operator's
total assets or at least six times the amount of liability coverage that it
needs to demonstrate by this test.
2) Definition
"Amount of liability coverage", as used in subsection (f)(1),
refers to the annual aggregate amounts for which coverage is required pursuant
to subsections (a) and (b) and the annual aggregate amounts for which coverage
is required pursuant to 35 Ill. Adm. Code
724.247(a) and
(b) or
725.247(a) and
(b).
3) To demonstrate that it meets the financial
test set forth in subsection (f)(1), the owner or operator must submit the
following three items to the Agency:
A) A
letter signed by the owner's or operator's chief financial officer and worded
as specified by the Agency pursuant to Section 721.251. If an owner or operator
is using the financial test to demonstrate both financial assurance, as
specified by Section
721.243(e),
and liability coverage, as specified by this Section, the owner or operator
must submit the letter specified by the Agency pursuant to Section
721.251
for financial assurance to cover both forms of financial responsibility; no
separate letter is required for liability coverage;
B) A copy of an independent certified public
accountant's report on examination of the owner's or operator's financial
statements for the latest completed fiscal year; and
C) If the chief financial officer's letter
prepared pursuant to subsection (f)(3)(A) includes financial data which shows
that the owner or operator satisfies the test set forth in subsection (f)(1)(A)
(Test 1), and either the data in the chief financial officer's letter are
different from the data in the audited financial statements required by
subsection (f)(3)(B), or the data are different from any other audited
financial statement or data filed with the federal Securities and Exchange
Commission, then the owner or operator must submit a special report from its
independent certified public accountant. The special report must be based on an
agreed-upon procedures engagement, in accordance with professional auditing
standards. The report must describe the procedures used to compare the data in
the chief financial officer's letter (prepared pursuant to subsection
(f)(3)(A)), the findings of the comparison, and the reasons for any
difference.
4) This
subsection (f)(4) corresponds with
40 CFR
261.147(f)(3)(iv), a
provision relating to extension of the deadline for filing the financial
documents required by
40 CFR
261.147(f)(3) until as late
as 90 days after the effective date of the federal rule. Thus, the latest date
for filing the documents was March 29, 2009, which is now past. See
40 CFR
261.147(f)(3) and 73 Fed.
Reg. 64668 (Oct. 30, 2008). This statement maintains structural consistency
with the corresponding federal provision.
5) After the initial submission of items
specified in subsection (f)(3), the owner or operator must send updated
information to the Agency within 90 days after the close of each succeeding
fiscal year. This information must consist of all three items specified in
subsection (f)(3).
6) If the owner
or operator no longer fulfills the requirements of subsection (f)(1), it must
obtain insurance (subsection (a)(1)), a letter of credit (subsection (h)), a
surety bond (subsection (i)), a trust fund (subsection (j)), or a guarantee
(subsection (g)) for the entire amount of required liability coverage required
by this Section. Evidence of liability coverage must be submitted to the Agency
within 90 days after the end of the fiscal year for which the year-end
financial data show that the owner or operator no longer meets the test
requirements.
7) The Agency must
disallow use of the financial tests set forth in this subsection (f) on the
basis of qualifications in the opinion expressed by the independent certified
public accountant in the accountant's report on examination of the owner's or
operator's financial statements (see subsection (f)(3)(B)) where the Agency
determines that those qualifications significantly, adversely affect the
owner's or operator's ability to provide its own financial assurance by this
mechanism. An adverse opinion or a disclaimer of opinion will be cause for
disallowance. The Agency must evaluate all other kinds of qualifications on an
individual basis. The owner or operator must provide evidence of insurance for
the entire amount of required liability coverage that satisfies the
requirements of this Section within 30 days after a notification of Agency
disallowance pursuant to this subsection (f)(7).
g) Corporate Guarantee for Liability Coverage
1) Subject to the limitations of subsection
(g)(2), an owner or operator may meet the requirements of this Section by
obtaining a written guarantee ("guarantee"). The guarantor must be the direct
or higher-tier parent corporation of the owner or operator, a sister firm whose
parent corporation is also the parent corporation of the owner or operator, or
a firm with a "substantial business relationship" with the owner or operator.
The guarantor must meet the requirements applicable to an owner or operator as
set forth in subsections (f)(1) through (f)(6). The wording of the guarantee
must be identical to the wording specified by the Agency pursuant to Section
721.251. A certified copy of the guarantee must accompany the items sent to the
Agency that are required by subsection (f)(3). One of these items must be the
letter from the guarantor's chief financial officer. If the guarantor's parent
corporation is also the parent corporation of the owner or operator, this
letter must describe the value received in consideration of the guarantee. If
the guarantor is a firm with a "substantial business relationship" with the
owner or operator, this letter must describe this "substantial business
relationship" and the value received in consideration of the guarantee.
A) The guarantor must pay full satisfaction,
up to the limits of coverage, whenever either of the following events has
occurred with regard to liability for bodily injury or property damage to third
parties caused by sudden or non-sudden accidental occurrences (or both) that
arose from the operation of facilities covered by the corporate guarantee:
i) The owner or operator has failed to
satisfy a judgment based on a determination of liability; or
ii) The owner or operator has failed to pay
an amount agreed to in settlement of claims arising from or alleged to arise
from such injury or damage.
B) This subsection (g)(1)(B) is derived from
40 CFR
261.147(g)(1)(ii), which
USEPA has marked as "reserved". This statement maintains structural consistency
with the corresponding federal regulations.
BOARD NOTE: Any determination by the Agency pursuant to this
subsection (g)(1)(B) is subject to Section 40 of the Act. This subsection
(g)(1)(B) is derived from
40 CFR
264.141(h) and
265.141(h)
(2017).
2)
Limitations on Guarantee and Documentation Required
A) Where both the guarantor and the owner or
operator are incorporated in the United States, a guarantee may be used to
satisfy the requirements of this Section only if the Attorneys General or
Insurance Commissioners of each of the following states have submitted a
written statement to the Agency that a guarantee executed as described in this
Section is a legally valid and enforceable obligation in that state:
i) The state in which the guarantor is
incorporated (if other than the State of Illinois); and
ii) The State of Illinois (as the state in
which the facility covered by the guarantee is located).
B) Where either the guarantor or the owner or
operator is incorporated outside the United States, a guarantee may be used to
satisfy the requirements of this Section only if both of the following has
occurred:
i) The non-U.S. corporation has
identified a registered agent for service of process in the State of Illinois
(as the state in which the facility covered by the guarantee is located) and in
the state in which it has its principal place of business (if other than the
State of Illinois); and
ii) The
Attorney General or Insurance Commissioner of the State of Illinois (as the
state in which a facility covered by the guarantee is located) and the state in
which the guarantor corporation has its principal place of business (if other
than the State of Illinois) has submitted a written statement to the Agency
that a guarantee executed as described in this Section is a legally valid and
enforceable obligation in that state.
C) The facility owner or operator and the
guarantor must provide the Agency with all documents that are necessary and
adequate to support an Agency determination that the required substantial
business relationship exists adequate to support the guarantee.
BOARD NOTE: The Board added documentation to this subsection
(g)(2)(C) to ensure that the owner and operator ensures all information
necessary for an Agency determination is submitted to the Agency. The
information required would include copies of any contracts and other documents
that establish the nature, extent, and duration of the business relationship;
any statements of competent legal opinion, signed by an attorney duly licensed
to practice law in each of the jurisdictions referred to in the applicable of
subsection (g)(2)(A) or (g)(2)(B), that would support a conclusion that the
business relationship is adequate consideration to support the guarantee in the
pertinent jurisdiction; a copy of the documents required by subsection
(g)(2)(A)(ii) or (g)(2)(B)(ii); documents that identify the registered agent,
as required by subsection (g)(2)(B)(i); and any other documents requested by
the Agency that are reasonably necessary to make a determination that a
substantial business relationship exists, as such is defined in subsection
(g)(1)(A).
h) Letter of Credit for Liability Coverage
1) An owner or operator may fulfill the
requirements of this Section by obtaining an irrevocable standby letter of
credit that conforms to the requirements of this subsection (h) and submitting
a copy of the letter of credit to the Agency.
2) The financial institution issuing the
letter of credit must be an entity that has the authority to issue letters of
credit and whose letter of credit operations are regulated and examined by a
federal or state agency.
3) The
wording of the letter of credit must be identical to the wording specified by
the Agency pursuant to Section 721.251.
4) An owner or operator that uses a letter of
credit to fulfill the requirements of this Section may also establish a standby
trust fund. Under the terms of such a letter of credit, all amounts paid
pursuant to a draft by the trustee of the standby trust fund must be deposited
by the issuing institution into the standby trust fund in accordance with
instructions from the trustee. The trustee of the standby trust fund must be an
entity that has the authority to act as a trustee and whose trust operations
are regulated and examined by a federal or state agency.
5) The wording of the standby trust fund must
be identical to the wording specified by the Agency pursuant to Section
721.251.
i) Surety Bond
for Liability Coverage
1) An owner or operator
may fulfill the requirements of this Section by obtaining a surety bond that
conforms to the requirements of this subsection (i) and submitting a copy of
the bond to the Agency.
2) The
surety company issuing the bond must be among those listed as acceptable
sureties on federal bonds in the most recent Circular 570 of the U.S.
Department of the Treasury.
BOARD NOTE: The U.S. Department of the Treasury updates
Circular 570, "Companies Holding Certificates of Authority as Acceptable
Sureties on Federal Bonds and as Acceptable Reinsuring Companies", on an annual
basis pursuant to
31 CFR
223.16. Circular 570 is available on the
Internet at the following website: http://www.fms.treas.gov/c570/.
3) The wording of the surety bond must be
identical to the wording specified by the Agency pursuant to Section
721.251.
4) A surety bond may be
used to fulfill the requirements of this Section only if the Attorneys General
or Insurance Commissioners of the following states have submitted a written
statement to the Agency that a surety bond executed as described in this
Section is a legally valid and enforceable obligation in that state:
A) The state in which the surety is
incorporated; and
B) The State of
Illinois (as the state in which the facility covered by the surety bond is
located).
j)
Trust Fund for Liability Coverage
1) An owner
or operator may fulfill the requirements of this Section by establishing a
trust fund that conforms to the requirements of this subsection (j) and
submitting an originally signed duplicate of the trust agreement to the
Agency.
2) The trustee must be an
entity that has the authority to act as a trustee and whose trust operations
are regulated and examined by a federal or state agency.
3) The trust fund for liability coverage must
be funded for the full amount of the liability coverage to be provided by the
trust fund before it may be relied upon to fulfill the requirements of this
Section. If at any time after the trust fund is created the amount of funds in
the trust fund is reduced below the full amount of the liability coverage that
the owner or operator must provide, the owner or operator must either add
sufficient funds to the trust fund to cause its value to equal the full amount
of liability coverage to be provided, or the owner or operator must obtain
other financial assurance that satisfies the requirements of this Section to
cover the difference. Where the owner or operator must either add sufficient
funds or obtain other financial assurance, it must do so before the anniversary
date of the establishment of the trust fund. For purposes of this subsection,
"the full amount of the liability coverage to be provided" means the amount of
coverage for sudden or non-sudden occurrences that the owner or operator is
required to provide pursuant to this Section, less the amount of financial
assurance for liability coverage that the owner or operator has provided by
other financial assurance mechanisms to demonstrate financial
assurance.
4) The wording of the
trust fund must be identical to the wording specified by the Agency pursuant to
Section 721.251.
