{"id":1702,"date":"2016-07-17T22:06:16","date_gmt":"2016-07-17T22:06:16","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1702"},"modified":"2017-01-03T16:20:28","modified_gmt":"2017-01-03T16:20:28","slug":"aboveground-storage-tank-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/aboveground-storage-tank-surety-bond\/","title":{"rendered":"Aboveground Storage Tank Surety Bond"},"content":{"rendered":"<p>After months of delay on the legislation, West Virginia has approved rules modifying the AST and Horizontal Well Acts. The bonding \/financial assurance section has amended the requirements to focus on ensuring corrective actions in the even of an accidental release. Pursuant to the Rules, The <strong>aboveground storage tank surety bond<\/strong> or other financial assurance\u00a0must be &#8220;submitted in\u00a0accordance with the AST Act and the Rule on a form prescribed by the Secretary, the obligee named as\u00a0the State of West Virginia, and must remain in effect for the operational life of the<br \/>\ntank or tank facility.\u00a0The mechanisms used to demonstrate financial assurance must be conditioned upon the operator complying with the Aboveground\u00a0Storage Tank Act (AST), any rules promulgated thereunder, any order of the Secretary.&#8221; The aboveground storage tank bond must guarantee that\u00a0the funds necessary to meet the costs\u00a0of containment and corrective action for an accidental\u00a0release will be available whenever\u00a0needed.<\/p>\n<p>For Level 1 ASTs, an amount equal to twenty cents per gallon\u00a0of the aggregate storage capacity for the tank or tank facility, at a minimum of five\u00a0thousand dollars ($5,000).\u00a0For Level 2 ASTs, an amount equal to ten cents per gallon\u00a0of the aggregate storage capacity for the tank or tank facility, at a minimum of five\u00a0thousand dollars ($5,000).\u00a0\u00a0The <em>surety bond<\/em> must be filed with the State<br \/>\nTreasurer which will hold the bond in trust for the purpose for which\u00a0it was executed. The surety may cancel the bond by sending notice of\u00a0cancellation by certified mail to the owner or operator and to the Secretary one hundred twenty\u00a0(120) days in advance of cancellation.\u00a0Section 13.1.g states that, &#8220;If, for any reason, an owner or operator fails to maintain proper surety\u00a0bonding, the Secretary shall issue a cease and desist order and revoke the certificate to operate, and the owner or operator becomes fully liable for the amount of the bond.&#8221; The surety bond is a FORFEITURE obligation AND must contain a &#8220;confession of judgment&#8221;.<\/p>\n<p>The Rules also addresses the specific qualifications of a corporate surety issuing an <strong>aboveground storage tank surety bond<\/strong>. &#8220;The Secretary will not accept the bond of a surety company that has failed or\u00a0unduly delayed, as determined by the Secretary, in making payment on a forfeited surety bond.\u00a0The surety company issuing the bond must, at a minimum, be among those listed\u00a0as acceptable sureties on federal bonds in Circular 570 of the U.S. Department of the Treasury.\u00a0The Secretary will accept\u00a0surety bonds only from an insurer licensed to do business in\u00a0West Virginia and signed by an appropriate official of the surety as determined by\u00a0the Secretary. If the principal place of business of the surety is outside of West Virginia, the surety above ground storage tank surety\u00a0bond must also be signed by an authorized resident agent of the surety. Further, the Secretary will not accept surety bonds from a surety company when the total\u00a0bond liability to the Department for bonds filed by the owner or operator, the principal, and\u00a0related parties exceed the surety company\u2019s single risk limit.<\/p>\n<p>Much of the registration and management of AST accounts may be accomplished <a href=\"https:\/\/apps.dep.wv.gov\/eplogin.cfm\" target=\"_blank\">WV DEP AST log in<\/a> however applications and accompanying financial assurance documents are initially received and processed by the AST office:<\/p>\n<p>West Virginia Department of Environmental Protection<br \/>\nAttn.: <strong>Aboveground Storage Tank Surety Bond &amp; Registration<\/strong><br \/>\n601 57th Street SE<br \/>\nCharleston, WV 25304<\/p>\n<p><strong>West Virginia\u00a0surety leader<\/strong>,\u00a0\u00a0<strong>Surety One, Inc<\/strong>.\u00a0is an\u00a0environmental surety specialist. \u00a0We\u00a0offer above ground tank and closure \/postclosure surety bond capacity for all phases and classes of operation. \u00a0Regardless of your financial assurance\u00a0needs and geographic footprint, we will offer terms.\u00a0Visit us at\u00a0<a href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call (800) 373-2804, or email Underwriting@SuretyOne.com\u00a0for assistance with your <strong>West Virginia aboveground storage tank financial assurance<\/strong> need.<\/p>\n<p>#surety #suretybond #suretybonds #SuretyOne<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of delay on the legislation, West Virginia has approved rules modifying the AST and Horizontal Well Acts. The bonding \/financial assurance section has amended the requirements to focus on ensuring corrective actions in the even of an accidental&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/aboveground-storage-tank-surety-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[69],"tags":[2060,2061,2062,2059,2058,1728,1734,1871,51],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aboveground Storage Tank Surety Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"description\" content=\"Pursuant to new West Virginia DEQ Rules,\u00a0an\u00a0aboveground storage tank surety bond\u00a0or other financial assurance\u00a0must be &quot;submitted in\u00a0accordance with the AST Act. \u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/aboveground-storage-tank-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aboveground Storage Tank Surety Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"Pursuant to new West Virginia DEQ Rules,\u00a0an\u00a0aboveground storage tank surety bond\u00a0or other financial assurance\u00a0must be &quot;submitted in\u00a0accordance with the AST Act. \u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/aboveground-storage-tank-surety-bond\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-17T22:06:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-01-03T16:20:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/Storage-Tanks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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