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 93.705(1)(1) Owners or operators of petroleum storage tank systems within the scope of this subchapter shall demonstrate financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum storage tank systems within the scope of this subchapter in at least the following per-occurrence amounts:

ATCP 93.705(1)(a)(a) For owners or operators of petroleum underground storage tank systems that are located at petroleum marketing facilities, or that throughput an average of more than 10,000 gallons of petroleum per month based on annual throughput for the previous calendar year; $1 million.

ATCP 93.705(1)(b)(b) For all other owners or operators of petroleum storage tank systems covered in s. ATCP 93.700 (1); $500,000.

ATCP 93.705(2)(a)(a) For the purposes of this subsection, “petroleum underground storage tank” means a single containment unit and does not mean combinations of single containment units.

ATCP 93.705(2)(b)(b) Owners or operators of petroleum underground storage tank systems shall demonstrate financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum underground storage tank systems in at least the following annual aggregate amounts:

ATCP 93.705(2)(b)1.1. For owners or operators of one to 100 petroleum underground storage tanks; $1 million.

ATCP 93.705(2)(b)2.2. For owners or operators of 101 or more petroleum underground storage tanks; $2 million.

ATCP 93.705(3)(3) Owners or operators of petroleum aboveground storage tanks covered in this subchapter shall demonstrate financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from their operation in the amount of $1 million per occurrence.

ATCP 93.705(4)(4) If the owner or operator uses separate mechanisms or separate combinations of mechanisms to demonstrate financial responsibility, the amount shall be in the full amount specified in subs. (1) to (3) for any of the following, except as provided in sub. (5):

ATCP 93.705(4)(b)(b) Compensating third parties for bodily injury and property damage caused by sudden accidental releases.

ATCP 93.705(4)(c)(c) Compensating third parties for bodily injury and property damage caused by non-sudden accidental releases.

ATCP 93.705(5)(5) If an owner or operator uses separate mechanisms or separate combinations of mechanisms to demonstrate financial responsibility for different petroleum storage tank systems, the annual aggregate required shall be based on the number of tanks covered by each such separate mechanism or combination of mechanisms.

ATCP 93.705(6)(a)(a) Owners or operators shall review the amount of aggregate assurance provided whenever additional petroleum storage tank systems are acquired or installed.

ATCP 93.705(6)(b)(b) If the number of petroleum storage tank systems for which assurance is needed exceeds 100, the owner or operator shall demonstrate financial responsibility in the amount of at least $2 million of annual aggregate assurance by the anniversary of the date on which the mechanism demonstrating financial responsibility became effective.

ATCP 93.705(6)(c)(c) If assurance is being demonstrated by a combination of mechanisms, the owner or operator shall demonstrate financial responsibility in the amount of at least $2 million of annual aggregate assurance by the first-occurring effective date anniversary of any one of the mechanisms combined, other than a financial test or guarantee, to provide assurance.

ATCP 93.705(7)(7) The amounts of assurance required in this section exclude legal defense costs.

ATCP 93.705(8)(8) The required per-occurrence and annual aggregate coverage amounts do not in any way limit the liability of the owner or operator.

ATCP 93.705 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19; (2) (intro.), (a), (b), (c) renum. to (2) (b), 1., 2., (a) under s. 13.92 (4) (b) 1., Stats., and correction in (2) (a), as renumbered, made under s. 35.17, Stats., Register October 2019 No. 766.