ATCP 93.703 NoteNote: The affidavit of financial responsibility is required in addition to the certification showing the specific type of financial responsibility. See s. ATCP 93.745 (2) (j) for further information. ATCP 93.703(3)(3) “Aggregate” means an accident or a continuous or repeated exposure to conditions that result in a release from a storage tank system which might occur in one year. ATCP 93.703 NoteNote: This definition is intended to assist in the understanding of these regulations and is not intended either to limit the meaning of “aggregate” in a way that conflicts with standard insurance usage or to prevent the use of other standard insurance terms in place of “aggregate.”
ATCP 93.703(4)(4) “Bodily injury” has the meaning given to this term by applicable Wisconsin statutes; however, this term does not include those liabilities that, consistent with standard insurance industry practices, are excluded from coverage in liability insurance policies for bodily injury. ATCP 93.703 NoteNote: For further information about this term, see ch. Ins 6, which interprets this term as it is used in s. 292.63 (1) (ad), Stats., for petroleum storage environmental cleanup. ATCP 93.703(5)(5) “Controlling interest” means direct ownership of at least 50 percent of the voting stock of another entity. ATCP 93.703(6)(6) “Financial reporting year” means the latest consecutive 12-month period for which any of the following reports are prepared: ATCP 93.703(6)(a)(a) A 10-K report submitted to the US securities and exchange commission. ATCP 93.703(6)(b)(b) An annual report of tangible net worth submitted to Dun and Bradstreet. ATCP 93.703(6)(c)(c) An annual report submitted to the federal energy information administration or rural utilities service. ATCP 93.703 NoteNote: “Financial reporting year” may thus comprise a fiscal or a calendar year period.
ATCP 93.703(7)(7) “Legal defense cost” means any expense that an owner or operator or provider of financial assurance incurs in defending against claims or actions brought by any of the following: ATCP 93.703(7)(a)(a) By the EPA or the department to require corrective action or to recover the costs of corrective action. ATCP 93.703(7)(b)(b) By or on behalf of a third party for bodily injury or property damage caused by an accidental release. ATCP 93.703(7)(c)(c) By any person to enforce the terms of a financial assurance mechanism. ATCP 93.703(8)(8) “Occurrence” means an accident, or a continuous or repeated exposure to conditions, that results in a release from a storage tank system. ATCP 93.703 NoteNote: 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.”
ATCP 93.703(9)(9) “Operation” or “in operation” means the underground storage tank was used to store a regulated substance at any time after December 22, 1988, regardless of the current status of the tank. ATCP 93.703(10)(10) “Owner or operator,” when the owner or operator are separate parties, means the party that is obtaining or has obtained financial assurances. ATCP 93.703(11)(11) “Petroleum marketing facilities” means 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. ATCP 93.703(12)(12) “Petroleum marketing firms” means all firms owning petroleum marketing facilities. Firms owning other types of facilities with tanks covered in the scope of this subchapter as well as petroleum marketing facilities are considered to be petroleum marketing firms. ATCP 93.703(13)(13) “Property damage” has the meaning given to this term by administrative rules of the office of commissioner of insurance. This term does not include those liabilities that, consistent with standard insurance industry practices, are excluded from coverage in liability insurance policies for property damage. However, such exclusions for property damage do not include corrective action associated with releases from tanks that are covered by the policy. ATCP 93.703 NoteNote: For further information about this term, see ch. Ins 6, which interprets this term as it is used in s. 292.63 (1) (ad), Stats. for petroleum storage environmental cleanup. ATCP 93.703(14)(14) “Provider of financial assurance” means an entity that provides financial assurance to an owner or operator of a tank system covered in this subchapter through one of the mechanisms listed in ss. ATCP 93.710 to 93.735, including a guarantor, insurer, risk retention group, surety, issuer of a letter of credit, issuer of a state-required mechanism, or a state. ATCP 93.703(15)(15) “Substantial business relationship” means the extent of a business relationship necessary under Wisconsin 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 current economic transactions between the guarantor and the owner or operator. ATCP 93.703(16)(16) “Tangible net worth” means the tangible assets that remain after deducting liabilities; the assets do not include intangibles such as goodwill and rights to patents or royalties. For purposes of this definition, “assets” means all current and all probable future economic benefits obtained or controlled by a particular entity as a result of past transactions. ATCP 93.703 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19; correction in (8) made under s. 35.17, Stats., Register October 2019 No. 766. ATCP 93.705ATCP 93.705 Amount and scope of required financial responsibility.