Mississippi Administrative Code › Title 11 - Mississippi Department of Environmental Quality › Part 5 - Underground Storage Tank Regulations › Chapter 2 - Mississippi Commission on Environmental Quality Underground Storage Tanks Regulations Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks (UST) (Adopted March 22, 1989; Amended August 25, 2011, Last Amended August 23, 2018) › Rule 11-5-2.8 - Financial Responsibility › Section 11-5-2.8-280.92 - Definition of terms

Current through June 25, 2024
When used in this rule, the following terms shall have the
					 meanings given below:
Accidental release
means any sudden or
					 non-sudden release of petroleum from an underground storage tank system that
					 results in a need for corrective action and/or compensation for bodily injury
					 or property damage neither expected nor intended by the tank owner or
					 operator.
Bodily injury
shall have the meaning
					 given to this term by applicable state law; however, this term shall not
					 include those liabilities which, consistent with standard insurance industry
					 practices, are excluded from coverage in liability insurance policies for
					 bodily injury.
Chief Financial Officer,
in the case of
					 local government owners and operators, means the individual with the overall
					 authority and responsibility for the collection, disbursement, and use of funds
					 by the local government.
Controlling interest
means direct
					 ownership of at least 50 percent of the voting stock of another entity.
Director of the Implementing Agency
means
					 the EPA Regional Administrator, or, in the case of a state with a program
					 approved under section 9004, the Director of the designated state or local
					 agency responsible for carrying out an approved UST program.
Financial reporting year
means the latest
					 consecutive twelve-month period for which any of the following reports used to
					 support a financial test is prepared:
(1) a 10-K report submitted to the SEC;
(2) an annual report of tangible net worth submitted to Dun
					 and Bradstreet; or
(3) annual reports submitted to the Energy Information
					 Administration or the Rural Electrification Administration.
"Financial reporting year" may thus comprise a fiscal or a
					 calendar year period.
Legal defense cost
is any expense that an
					 owner or operator or provider of financial assurance incurs in defending
					 against claims or actions brought,
(1) By EPA or a state to require corrective action or to
					 recover the costs of corrective action;
(2) By or on behalf of a third party for bodily injury or
					 property damage caused by an accidental release; or
(3) By any person to enforce the terms of a financial
					 assurance mechanism.
Local government
shall have the meaning
					 given this term by applicable state law and includes Indian tribes. The term is
					 generally intended to include:
(1) Counties, municipalities, townships, separately
					 chartered and operated special districts (including local government public
					 transit systems and redevelopment authorities), and independent school
					 districts authorized as governmental bodies by state charter or constitution;
					 and (2) Special districts and independent school districts established by
					 counties, municipalities, townships, and other general purpose governments to
					 provide essential services.
Occurrence
means an accident, including
					 continuous or repeated exposure to conditions, which results in a release from
					 an underground storage tank.
Note: This definition is intended to assist in the
					 understanding of these regulations and is not intended either to limit the
					 meaning of "occurrence" in a way that conflicts with standard insurance usage
					 or to prevent the use of other standard insurance terms in place of
					 "occurrence."
Owner or operator,
when the owner or
					 operator are separate parties, refers to the party that is obtaining or has
					 obtained financial assurances.
Petroleum marketing facilities
include
					 all facilities at which petroleum is produced or refined and all facilities
					 from which petroleum is sold or transferred to other petroleum marketers or to
					 the public.
Petroleum marketing firms
are all firms
					 owning petroleum marketing facilities. Firms owning other types of facilities
					 with USTs as well as petroleum marketing facilities are considered to be
					 petroleum marketing firms.
Property damage
shall have the meaning
					 given this term by applicable state law. This term shall not include those
					 liabilities which, consistent with standard insurance industry practices, are
					 excluded from coverage in liability insurance policies for property damage.
					 However, such exclusions for property damage shall not include corrective
					 action associated with releases from tanks which are covered by the
					 policy.
Provider of financial assurance
means an
					 entity that provides financial assurance to an owner or operator of an
					 underground storage tank through one of the mechanisms listed in §§
					 280.95 - 280.103, including a guarantor, insurer, risk retention group, surety,
					 issuer of a letter of credit, issuer of a state-required mechanism, or a
					 state.
Substantial business relationship
means
					 the extent of a business relationship necessary under applicable state law to
					 make a guarantee contract issued incident to that relationship valid and
					 enforceable. A guarantee contract is issued "incident to that relationship" if
					 it arises from and depends on existing economic transactions between the
					 guarantor and the owner or operator.
Substantial governmental relationship
means the extent of a governmental relationship necessary under applicable
					 state law to make an added guarantee contract issued incident to that
					 relationship valid and enforceable. A guarantee contract is issued "incident to
					 that relationship" if it arises from a clear commonality of interest in the
					 event of an UST release such as coterminous boundaries, overlapping
					 constituencies, common ground-water aquifer, or other relationship other than
					 monetary compensation that provides a motivation for the guarantor to provide a
					 guarantee.
Tangible net worth
means the tangible
					 assets that remain after deducting liabilities; such assets do not include
					 intangibles such as goodwill and rights to patents or royalties. For purposes
					 of this definition, "assets" means all existing and all probable future
					 economic benefits obtained or controlled by a particular entity as a result of
					 past transactions.
Termination
under § 280.97(b)(1) and
					 § 280.97(b)(2) means only those changes that could result in a gap in
					 coverage as where the insured has not obtained substitute coverage or has
					 obtained substitute coverage with a different retroactive date than the
					 retroactive date of the original policy.
[53 FR 43370, Oct. 26, 1988, as amended at 54 FR 47081,
					 Nov. 9, 1989; 58 FR 9050, Feb. 18, 1993]
53 FR 43370, Oct.
					 26, 1988, as amended at 54 FR 47081, Nov. 9, 1989; 58 FR 9050, Feb. 18,
					 1993