What is a New York Hazardous Waste Bond?
Help save the environment through this surety bond!
You need this surety bond if you are the owner or operator of the following facilities that manage hazardous wastes in the State of New York:
- Disposal facilities
- Piles and surface impoundments
- Tank systems that are required for landfills
- Containment buildings that are required for landfills
Every owner or operator of the facilities mentioned above should provide a surety bond to cover the outstanding costs, penalties, and charges once the facility has closed down, including the post-closure care.
A surety bond will serve as a financial guarantee to the New York State Commissioner of Environmental Conservation. It will be conditioned that the bonded owner will:
- Fund the standby trust fund in an amount that is equal to the penal sum of the bond
- Fund the standby trust fund 15 days before the facility closes down
The requirement complies with Title 6 373-2.8 of the New York Codes, Rules, and Regulations.
What is the Hazardous Waste Bond amount?
The bond amount will vary per owner or operator of a hazardous waste facility. It will be based on the conditions of the cost estimate for a closure such as, but are not limited to, the following:
- The amount estimate should be equal to the cost of final closure during the point in the facility’s active life
- Hiring a third-party contractor to close down the facility should be included in the estimate
Have you determined your exact bond amount? If so, get your tailored bond premium from us by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Hazardous Waste Bond?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete before submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
What are the surety bond conditions?
- The surety who will issue the surety bond should be authorized to do business in the State of New York
- The surety bond should be made payable to the New York Department of Environmental Conservation
- The bonded owner or operator should obey the provisions of Title 6 of the New York Codes, Rules and Regulations, as well as the rules and regulations of the New York Department of Environmental Conservation
- If the bonded owner or operator commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
Ready to start? APPLY NOW!