ATCP 93.715(6)(a)(a) If the insurer or group terminates coverage for any reason, the insurer or group shall notify the department of such termination at the same time the insured is notified. ATCP 93.715(6)(am)(am) If the operator is the insured and the insurance lapses or is terminated, the insurer or group shall notify the owner of the property at the same time the insured is notified. ATCP 93.715(6)(b)(b) If the insured allows coverage to lapse or changes insurers or groups, the insured shall notify the department within 10 days. ATCP 93.715 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.717(1)(1) To use a surety bond to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain a surety bond that conforms to the requirements of this section. The surety company issuing the bond shall be listed as an acceptable surety on federal bonds in the latest Circular 570 of the U.S. department of the treasury. ATCP 93.717(2)(a)(a) The instructions in brackets in the surety bond shall be replaced by the relevant information and the brackets deleted. ATCP 93.717(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.717(2)(b)1.1. Reference in the surety bond to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.717(3)(3) Under the terms of the bond, the surety shall be liable on the bond obligation when the owner or operator fails to perform as guaranteed by the bond. In all cases, the surety’s liability is limited to the per-occurrence and annual aggregate penal sums. ATCP 93.717(4)(a)(a) The owner or operator who uses a surety bond to satisfy the requirements of s. ATCP 93.705 shall establish a standby trust fund when the surety bond is acquired. ATCP 93.717(4)(b)(b) Under the terms of the bond, all amounts paid by the surety under the bond shall be deposited directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747. ATCP 93.717(5)(5) The owner of the property on which tanks are located has ultimate responsibility under this chapter and shall be listed as a co-beneficiary of any policy issued. ATCP 93.717 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.720(1)(1) To use a letter of credit to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain an irrevocable standby letter of credit that conforms to the requirements of this section. The issuing institution shall be authorized to issue letters of credit in each state where the letters are used and the institution’s letter of credit operations shall be regulated and examined by a federal or state agency. ATCP 93.720(2)(a)(a) The instructions in brackets in the letter shall be replaced by the relevant information and the brackets deleted. ATCP 93.720(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.720(2)(b)1.1. Reference in the letter to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.720(3)(a)(a) An owner or operator who uses a letter of credit to satisfy the requirements of s. ATCP 93.705 shall also establish a standby trust fund when the letter of credit is acquired.