§ 43-1410 Miscellaneous.
RCNY § 43-1410
a. Submissions to the office. Applicants and enrollees shall submit all work plans and reports, including all attachments, appendices, and certifications, in an electronic format acceptable to the office. The office may request a printed copy. The office reserves the right to require submission of large figures and drawings on paper. b. Financial assurance.
1.Applicability. The office may require, as a condition of accepting any institutional or engineering controls, that the enrollee post financial assurance to ensure the long term implementation, maintenance, monitoring, reporting, and enforcement of any such controls. In considering whether to require financial assurance, the office shall consider factors including, but not limited to: A. whether one or more innovative technologies have been employed at the site; B. the length of time to implement the remedial program; C. the cost of the remedial program; D. the complexity of the remedial program; and E. the financial resources available to the enrollee.
2.Financial assurance required under this subdivision shall be in effect and on file with the office before any notice of completion is issued. Allowable financial assurance mechanisms include: A. trust funds; B. surety bond guaranteeing payments; C. letters of credit; D. insurance; or E. documentation of a financial capability test, as set forth in of 6 NYCRR § 373-2.8(d)(5).
3.Preparation of estimated amount of financial assurance. If the office requires posting of financial assurance as a condition of accepting institutional or engineering controls, the enrollee shall provide an estimated amount of financial assurance for the office's consideration. The enrollee shall be responsible for having a professional engineer or other qualified environmental professional prepare the estimate, and, in the event the financial assurance is being provided through environmental insurance, for having an independent insurance professional provide a certification that such policy meets the requirements of this subdivision. The estimate shall include an itemized listing of each cost and how the cost was calculated, including the cost of contracting with a third party.
4.Office review of estimated amount of financial assurance. Upon receipt of the financial assurance estimate, the office shall review the estimate and shall assess the basis for the type and extent of impacts used in calculations, and whether the estimated amount is sufficient. The office may accept, modify, or reject the financial assurance estimate.
5.Submittal of financial assurance. After approval of the financial assurance amount and prior to the office's issuance of a notice of completion, the enrollee shall submit an originally-signed financial assurance mechanism to the office. The mechanism shall be in effect when submitted. An enrollee may satisfy this requirement by establishing one or more financial assurance mechanisms. If multiple financial assurance mechanisms are used, the enrollee shall specify at least one such mechanism as "primary" coverage and shall specify the other mechanisms as "excess." An enrollee with obligations for providing financial assurance for multiple sites may combine the required financial assurances for all sites into one or more financial assurance mechanisms.
6.Adjustment of amount of financial assurance. The office shall review the dollar amount of financial assurance at least once every five years. During the review, the office may adjust the amount for inflation based on the United States consumer price index. In addition, the enrollee may request at any time that the amount of financial assurance be adjusted based on factors occurring since the posting of the existing financial assurance. The enrollee shall describe in writing the basis for the adjustment request.
7.Release of financial assurance. The office may release the financial assurance or a portion of the financial assurance, and in doing so shall: A. notify the enrollee in writing of any release or modification; B. modify the financial assurance requirement to reflect the release or modification of the financial assurance required; and C. return to the enrollee such released financial assurance, if applicable, with the notice.
8.Substitution of financial assurance. If the enrollee requests substitution of one type of financial assurance for another, the enrollee shall submit to the office a proposal for alternate financial assurance. The alternate financial assurance must be as secure or more secure than the existing financial assurance as determined by the office. Upon approval and receipt of the alternate financial assurance by the office, the office shall release the existing financial assurance and the office shall notify the enrollee in writing. c. Change of use.
