Fla. Admin. Code R. 62-762.421 – Financial Responsibility

(1) Financial responsibility is the ability to pay for cleanup of a discharge and third-party liability resulting from a discharge of petroleum or petroleum product at the facility.
(2) Financial responsibility shall be maintained and demonstrated to the County or Department for all storage tank systems until the storage tank systems are properly closed pursuant to subsections 62-762.801(2) and (3), and 62-762.802(3) and (4), F.A.C., and the Closure Report or the Limited Closure Report Form for ASTs 62-762.901(8), effective date, October 2019, hereby adopted and incorporated by reference, is submitted to and approved by the County or the Department. To obtain copies of Form 62-762.901(8), see Rule 62-762.901, F.A.C., or HYPERLINK "http://www.flrules.org/Gateway/reference.asp?No=Ref-10745" http://www.flrules.org/Gateway/reference.asp?No=Ref-10745, or the Department’s website at https://floridadep.gov/waste/permitting-compliance-assistance/content/storage-tank-system-rules-forms-and-reference. Pursuant to Section 376.309(1), F.S., the facility owner is required to establish and maintain evidence of financial responsibility and is liable in event of noncompliance. If the facility owner, facility operator, tank owner, and tank operator are separate persons, then evidence of financial responsibility may be demonstrated if one of those persons obtains financial responsibility on behalf of the facility owner.
(3) The demonstration of financial responsibility for storage tank systems shall be made in accordance with reference guideline Technical Standards And Corrective Action Requirements For Owners And Operators Of Underground Storage Tanks (UST), Financial Responsibility, 40 CFR Part 280, Subpart H, Financial Responsibility, revised July 15, 2015, which is adopted and incorporated by reference in subsection 62-761.420(3), F.A.C., and available at HYPERLINK "https://www.flrules.org/Gateway/reference.asp?No=Ref-15341" https://www.flrules.org/Gateway/reference.asp?No=Ref-15341, except that:
1. (a) Department Form 62-761.900(3) Financial Mechanisms for Storage Tanks, June 2023, shall be used in lieu of the United States Environmental Protection Agency’s financial wording. Form 62-761.900(3), effective June 2023, is adopted and incorporated by reference in subsection 62-761.420(3), F.A.C., and available on the Department’s website at https://floridadep.gov/waste/permitting-compliance-assistance/content/storage-tank-financial-responsibility, or here: HYPERLINK "http://www.flrules.org/Gateway/reference.asp?No=Ref-15410" http://www.flrules.org/Gateway/reference.asp?No=Ref-15410;
2. (b) All references to underground storage tank(s) (UST) within 40 CFR Part 280, Subpart H, as adopted by reference herein, shall mean aboveground storage tank(s) (AST);
3. (c) Owners or operators of petroleum or petroleum product aboveground storage tanks must demonstrate financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum or petroleum product aboveground storage tanks in at least the following per-occurrence and annual aggregate amounts:
  1. For a facility with a storage tank system or systems with a cumulative capacity greater than 550 gallons and less than or equal to 10,000 gallons, the demonstration of financial responsibility for cleanup of a discharge and third-party liability shall be a minimum of $500,000.00 per incident, and $1,000,000.00 million annual aggregate.
  2. For a facility with a storage tank system or systems with a cumulative capacity greater than 10,000 gallons and less than or equal to 30,000 gallons, the demonstration of financial responsibility for cleanup of a discharge and third-party liability shall be a minimum of $1,000,000.00 million per incident, and $1,000,000.00 million annual aggregate.
  3. For a facility with a storage tank system or systems with a cumulative capacity greater than 30,000 gallons and less than or equal to 250,000 gallons the demonstration of financial responsibility for cleanup of a discharge and third-party liability shall be a minimum of $1,000,000.00 million per incident, and $2,000,000.00 million annual aggregate.
  4. For a facility with a storage tank system or systems with a cumulative capacity greater than 250,000 gallons, the demonstration of financial responsibility for cleanup of a discharge and third-party liability shall be a minimum of $3,000,000.00 million per incident, and $6,000,000.00 million annual aggregate.
(4) The appropriate part(s) of Form 62-761.900(3) shall be completed and maintained when demonstrating proof of financial responsibility under this rule, and Form 62-761.900(3) Part P will satisfy the Certification of Financial Responsibility requirements of 40 CFR 280.111(b)(11). Facility owners shall ensure that copies of the current financial responsibility document(s) are available for inspection at the facility where the storage tank system(s) is located or at their place of business. Records kept off-site shall be made available for inspection by the Department or County within five business days from the receipt of the Department’s or County’s request. Facility owners are required to maintain evidence of financial responsibility mechanisms in accordance with paragraph 62-762.711(3)(j), F.A.C., and are encouraged to maintain all correspondence associated with coverage and claims.
(5) Financial requirements for the purpose of this rule, regardless of the date of installation of storage tank systems, shall comply with this rule.
(6) Notwithstanding the facility owner’s financial responsibility status, those persons specified in sections 376.308(1), and 403.141 and 403.161, F.S., shall be liable for any discharge at the facility.
(7) Financial responsibility mechanisms may not include choice of law and venue in favor of jurisdictions other than Florida.
(8) Government-owned facilities demonstrating proof of financial assurance using a financial test or government fund must prepare the relevant parts of Form 62-761.900(3) within 180 days after the close of each succeeding fiscal year.

Rulemaking Authority 376.303 FS. Law Implemented 376.303, 376.308, 376.309, 403.091, 403.141, 403.161 FS. History-New 1-11-17, Amended 10-17-19, 4-1-21, 6-26-23. Editorial Note: Portions of this rule were copied from Rule 62-762.401, F.A.C., on 1-11-2017.