Department of Natural Resources and Environmental Control
Tank Management Section
1351 Underground Storage Tank Systems
Date bond executed: ________________________________________________________
Period of Coverage: _________________________________________________________
Principal: [legal name and business address of Owner or Operator]
______________________________________________________________________
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
______________________________________________________________________
State of incorporation (if applicable): ______________
Surety(ies): ________________ [name(s) and business address(es)]
______________________________________________________________________
List the coverage guaranteed by the bond: ["taking corrective action" and/or "compensating third parties for Bodily Injury and Property Damage"] caused by Accidental Releases arising from operating the UST System(s).
Penal sums of bond: Per Occurrence $ ________________
Annual Aggregate $ ________________
Surety's bond number: _________________________________________
Whereas said Principal is required under 7 Del.C. Chapter 74, as amended, to provide financial assurance for [insert: "taking corrective action" and/or "compensating third parties for Bodily Injury and Property Damage"] caused by Accidental Releases; (if coverage is different for different UST Systems or locations, indicate the type of coverage applicable to each UST System or location) arising from operating the UST System(s) identified above, and
Now, therefore, the conditions of the obligation are such that if the Principal shall faithfully ["take corrective action, in accordance with Part E of these regulations and the Department's instructions for, and/or compensate injured third parties for Bodily Injury and Property Damage] caused by Accidental Releases arising from operating the UST System(s) identified above,] or if the Principal shall provide alternate financial assurance, as specified in Part F of these regulations, within 120 days after the date the notice of cancellation is received by the Principal from the Surety(ies), then this obligation shall be null and void; otherwise it is to remain in full force and effect.
Such obligation does not apply to any of the following:
(a) Any obligation of [Owner or Operator] under a workers' compensation, disability benefits, or unemployment compensation law or other similar law;
(b) Bodily Injury to an employee of [Owner or Operator] arising from, and in the course of, employment by [insert Owner or Operator];
(d) Property Damage to any property owned, rented, loaned to, in the care, custody, or control of, or occupied by [Owner or Operator] that is not the direct result of a release from an UST System;
(e) Bodily Injury or Property Damage for which [insert Owner or Operator] is obligated to pay damages by reason of the assumption of liability in a contract or agreement other than a contract or agreement entered into to meet the Requirements of Part F §1.3. of these Regulations.
Upon notification by the Department that the Principal has failed to ["take corrective action, in accordance with Part E of these Regulations and the Department's instructions," and/or "compensate injured third parties"] as guaranteed by this bond, the Surety(ies) shall either perform ["corrective action in accordance with Part E of these Regulations and the Department's instructions," and/or "third-party liability compensation"] or place funds in an amount up to the Annual Aggregate penal sum into the standby trust fund as directed by the Department under Part F, §2.15 of these Regulations.
The Principal may terminate this bond by sending written notice to the Surety(ies).
The Persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in Part F, §3.5 Form E of the Delaware Regulations Governing Underground Storage Tank Systems as such Regulations were constituted on the date this bond was executed.
______________________________________________________________________
[Signature(s)]
______________________________________________________________________
[Name(s)]
______________________________________________________________________
[Title(s)]
[Corporate seal]
[Name] _________________________________________________________
[Address]______________________________________________________________
State of Incorporation: ___________________
Liability limit: $ ________________________
[Signature(s)] 1. ______________________________ 2. _______________________
[Name(s) and title(s)] 1. _______________________________________________
2. _______________________________________________
[Corporate seal]
[For every co-surety, provide signature(s), corporate seal, and other information in the same manner as for Surety above.]
Bond Premium: $____________________________________________________________