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.