Indiana Administrative Code
Title 312 - NATURAL RESOURCES COMMISSION
Article 25 - COAL MINING AND RECLAMATION OPERATIONS
Rule 5 - Bonding Liability Insurance
Section 5-6 - Performance bonds; form
Universal Citation: 312 IN Admin Code 5-6
Current through March 20, 2024
Authority: IC 14-34-2-1
Affected: IC 14-34-3; IC 14-34-6; IC 14-34-9; IC 14-34-10
Sec. 6.
(a) The form of the performance bond shall be approved by the director. The director may allow for any of the following:
(1) A surety
bond.
(2) A collateral
bond.
(3) An escrow account
bond.
(4) Combined surety/escrow
bonding.
(5) A combination of any
of the bonding methods in subdivisions (1) through (4).
(b) Where the mining operation is owned by two (2) or more persons or entities, the director may allow each person to provide separate financial assurance provided that the total of such assurance is sufficient to accomplish reclamation.
(c) A blanket bond covering statewide or county wide operations may be furnished if the terms and conditions thereof are sufficient to comply with this rule and if approved by the director.
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