Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-360A - Underground storage tank regulations › Part 10 - FINANCIAL RESPONSIBILITY › Section 173-360A-1081 - Appendix B-Guarantee

Current through Register Vol. 24-14, July 15, 2024
Guarantee made this [date] by name of guaranteeing entity, a
				  business entity organized under the laws of (name of state), herein referred to
				  as Guarantor, to the Washington State Department of Ecology and to any and all
				  third parties, and obligees, on behalf of [owner or operator] of [business
				  address].
Recitals
1. Guarantor meets or exceeds the financial
				test criteria of WAC 173-360A-1060(2)(a) or (b) and (3)    and agrees to comply
				with the requirements for guarantors as specified in WAC
				173-360A-1061(3).
2. [Owner or
				operator] owns or operates the following underground storage tank(s) covered by
				this Guarantee: [List the number of tanks at each facility and the name(s) and
				address(es) of the facility(ies) where the tanks are located. If more than one
				instrument is used to assure different tanks at any one facility, for each tank
				covered by this instrument, list the tank identification number provided in the
				notification submitted pursuant to WAC 173-360A-0200, and the name and address
				of the facility.] This Guarantee satisfies the requirements of Part 10 of
				chapter 173-360A WAC for assuring funding for [insert: "Taking remedial action"
				and/or "compensating third parties for bodily injury and property damage caused
				by" either "sudden accidental releases" or "nonsudden accidental releases" or
				"accidental releases"; if coverage is different for different tanks or
				locations, indicate the type of coverage applicable to each tank or location]
				arising from operating the above-identified underground storage tank(s) in the
				amount of [insert dollar amount] per occurrence and [insert dollar amount]
				annual aggregate.
3. [Insert
				appropriate phrase: "On behalf of our subsidiary" (if Guarantor is corporate
				parent of the owner or operator); "On behalf of our affiliate" (if Guarantor is
				a related firm of the owner or operator); or "Incident to our business
				relationship with" (if Guarantor is providing the Guarantee as an incident to a
				substantial business relationship with owner or operator)] [owner or operator],
				Guarantor guarantees to the Washington State Department of Ecology and to any
				and all third parties that:
a. In the event
				that [owner or operator] fails to provide alternate coverage within 60 days
				after receipt of a notice of cancellation of this Guarantee and the Washington
				State Department of Ecology has determined or suspects that a release has
				occurred at an underground storage tank covered by this Guarantee, the
				Guarantor, upon instructions from the Department, must fund a standby trust
				fund in accordance with the provisions of WAC 173-360A-1050, in an amount not
				to exceed the coverage limits specified above.
b. In the event that the Department
				determines that [owner or operator] has failed to perform remedial action for
				releases arising out of the operation of the above-identified tank(s) in
				accordance with WAC 173-360A-0750, the Guarantor, upon written instructions
				from the Department, must fund a standby trust in accordance with the
				provisions of WAC 173-360A-1050, in an amount not to exceed the coverage limits
				specified above.
c. If [owner or
				operator] fails to satisfy a judgment or award based on a determination of
				liability for bodily injury or property damage to third parties caused by
				["sudden" and/or "nonsudden"] accidental releases arising from the operation of
				the above-identified tank(s), or fails to pay an amount agreed to in settlement
				of a claim arising from or alleged to arise from such injury or damage, the
				Guarantor, upon written instructions from the Department, must fund a standby
				trust in accordance with the provisions of WAC 173-360A-1050 to satisfy such
				judgment(s), award(s), or settlement agreement(s) up to the limits of coverage
				specified above.