NR 667.0143(7)(c)3.3. If notice of cancellation is given, the owner or operator shall, within 90 days following receipt of the cancellation notice by the owner or operator and the department, obtain alternate financial assurance and submit documentation for that alternate financial assurance to the department. If the owner or operator fails to provide alternate financial assurance and obtain the written approval of such alternative assurance from the department within the 90-day period, the guarantor shall provide that alternate assurance in the name of the owner or operator and submit the necessary documentation for the alternative assurance to the department within 120 days of the cancellation notice. NR 667.0143(7)(c)4.4. If a corporate guarantor no longer meets the requirements of sub. (6) (a), the owner or operator shall, within 90 days, obtain alternative assurance and submit the assurance to the department for approval. If the owner or operator fails to provide alternate financial assurance within the 90-day period, the guarantor shall provide that alternate assurance within the next 30 days and submit it to the department for approval. NR 667.0143(7)(c)5.5. The guarantor is no longer required to meet the requirements of this section when either: NR 667.0143(7)(c)5.a.a. The owner or operator substitutes alternate financial assurance as specified in this section. NR 667.0143(8)(8) Use of multiple financial mechanisms. An owner or operator may use more than one mechanism at a particular facility to satisfy the requirements of this section. The acceptable mechanisms are trust funds, surety bonds guaranteeing payment into a trust fund, letters of credit, insurance, the financial test, and the guarantee, except owners or operators cannot combine the financial test with the guarantee. The mechanisms shall be as specified in subs. (1), (2), (4), (5), (6), and (7) respectively, except it is the combination of mechanisms rather than a single mechanism that shall provide assurance for an amount at least equal to the cost estimate. If an owner or operator uses a trust fund in combination with a surety bond or letter of credit, the owner or operator may use the trust fund as the standby trust for the other mechanisms. A single trust fund may be established for 2 or more mechanisms. The department may use any or all of the mechanisms to provide for closure of the facility. NR 667.0143(9)(9) Use of a financial mechanism for multiple facilities. An owner or operator may use a financial mechanism for multiple facilities, as specified in s. NR 664.0143 (8). NR 667.0143(10)(10) Release of the owner or operator from the requirements of this section. Within 60 days after receiving certifications from the owner or operator and an independent registered professional engineer that final closure has been completed in accordance with the approved closure plan, the department shall notify the owner or operator in writing that the owner or operator is no longer required by this section to maintain financial assurance for final closure of the facility, unless the department has reason to believe that final closure has not been completed in accordance with the approved closure plan. The department shall provide the owner or operator with a detailed written statement of any such reasons to believe that closure has not been conducted in accordance with the approved closure plan. NR 667.0143 HistoryHistory: CR 16-007: cr. Register July 2017 No. 739, eff. 8-1-17; correction in (7) (c) 5. b. made under s. 35.17, Stats., Register July 2017 No. 739. NR 667.0147(1)(1) Coverage for sudden accidental occurrences. An owner or operator of a hazardous waste treatment or storage facility, or a group of such facilities, shall demonstrate financial responsibility for bodily injury and property damage to third parties caused by sudden accidental occurrences arising from operations of the facility or group of facilities. The owner or operator shall have and maintain liability coverage for sudden accidental occurrences in the amount of at least one million dollars per occurrence with an annual aggregate of at least $2,000,000, exclusive of legal defense costs. This liability coverage may be demonstrated as specified in pars. (a) to (g): NR 667.0147(1)(a)(a) Trust fund for liability coverage. An owner or operator may meet the requirements of this section by obtaining a trust fund for liability coverage as specified in s. NR 664.0147 (10). NR 667.0147(1)(b)(b) Surety bond for liability coverage. An owner or operator may meet the requirements of this section by obtaining a surety bond for liability coverage as specified in s. NR 664.0147 (9). NR 667.0147(1)(c)(c) Letter of credit for liability coverage. An owner or operator may meet the requirements of this section by obtaining a letter of credit for liability coverage as specified in s. NR 664.0147 (8). NR 667.0147(1)(d)(d) Insurance for liability coverage. An owner or operator may meet the requirements of this section by obtaining liability insurance as specified in s. NR 664.0147 (1) (a). NR 667.0147(1)(e)(e) Financial test for liability coverage. An owner or operator may meet the requirements of this section by passing a financial test as specified in sub. (6). NR 667.0147(1)(f)(f) Guarantee for liability coverage. An owner or operator may meet the requirements of this section by obtaining a guarantee as specified in sub. (7). NR 667.0147(1)(g)(g) Combination of mechanisms. An owner or operator may demonstrate the required liability coverage through the use of combinations of mechanisms as allowed by s. NR 664.0147 (1) (f). NR 667.0147(1)(h)(h) An owner or operator shall notify the department in writing within 30 days whenever any of the following occurs: NR 667.0147(1)(h)1.1. A claim results in a reduction in the amount of financial assurance for liability coverage provided by a financial instrument authorized in pars. (a) to (g). NR 667.0147(1)(h)2.2. A certification of valid claim for bodily injury or property damages caused by a sudden accidental occurrence arising from the operation of a hazardous waste treatment, storage, or disposal facility is entered between the owner or operator and third-party claimant for liability coverage under pars. (a) to (g). NR 667.0147(1)(h)3.3. A final court order establishing a judgment for bodily injury or property damage caused by a sudden accidental occurrence arising from the operation of a hazardous waste treatment, storage, or disposal facility is issued against the owner or operator or an instrument that is providing financial assurance. NR 667.0147(5)(5) Period of coverage. Within 60 days after receiving certifications from the owner or operator and an independent registered professional engineer that final closure has been completed according to the approved closure plan, the department shall notify the owner or operator in writing that the owner or operator is no longer required by this section to maintain liability coverage from that facility, unless the department has reason to believe that closure has not been in accordance with the approved closure plan. NR 667.0147(6)(6) Financial test for liability coverage. An owner or operator that satisfies the requirements of this subsection may demonstrate financial assurance for liability up to the amount specified in this subsection. NR 667.0147(6)(a)1.1. If using the financial test for only liability coverage, the owner or operator shall have tangible net worth greater than the sum of the liability coverage to be demonstrated by this test plus $10,000,000. NR 667.0147(6)(a)2.2. The owner or operator shall have assets located in the United States amounting to at least the amount of liability covered by this financial test. NR 667.0147(6)(a)3.3. An owner or operator who is demonstrating coverage for liability and any other environmental obligations, including closure under s. NR 667.0143 (6), through a financial test shall meet the requirements of s. NR 667.0143 (6).