Can owners and operators use a combination of financial mechanisms to comply with financial responsibility requirements?

Owners and operators can indeed use a combination of financial mechanisms to meet the financial responsibility requirements for their underground storage tanks. This allows flexibility in how they secure their financial obligations, ensuring they can adequately cover potential liabilities associated with leaks or spills. Utilizing multiple financial mechanisms can enhance overall financial security by diversifying the sources of funding that are available to address any environmental damage or regulatory fines that may arise.

This approach also caters to different financial situations and risk profiles that owners and operators might have. For example, combining insurance, surety bonds, and self-insured retention may create a comprehensive strategy that aligns with their operational needs and financial capabilities. By allowing this combination, regulations recognize the various financial instruments that can collectively satisfy compliance requirements while also encouraging responsible management of potential risks.