New York Codes, Rules and Regulations
Title 17 - DEPARTMENT OF TRANSPORTATION
Chapter I - Rules Generally
Part 31 - Oil Spill Prevention And Control-financial Responsibility
Section 31.5 - Acceptable evidence

Universal Citation: 17 NY Comp Codes Rules and Regs ยง 31.5

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The following shall be acceptable evidence of financial responsibility if individually or in combination with each other they establish the required amount of financial security:

(1) a policy or policies of insurance;

(2) qualification as a self-insurer by filing with the department a certified statement of assets and liabilities which demonstrates to the satisfaction of the department that such owner or operator is possessed and will continue to be possessed of the financial ability to meet the liabilities which may be incurred under article 12 of the Navigation Law in the amounts specified in section 31.3 of this Part. Such qualification as a self-insurer may be established be demonstrating a net worth in excess of the amount required by section 31.3 of this Part or by the establishment of a restricted account in an amount equal to or greater than that required by section 31.3 of this Part;

(3) a surety bond or bonds payable to the fund.

(b) Each owner or operator of a major facility or vessel shall keep its evidence of financial responsibility on file with the department current and accurate. Any change in the form or nature of an owner's or operator's method of maintaining the minimal financial responsibility required by this Part shall be filed with the department within 15 days. Notice of any change in an owner's or operator's method of maintaining the minimal financial responsibility required by this Part which renders the owner or operator unable to meet such minimal financial responsibility requirement, shall be given to the department immediately.

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