Delaware passed a new law, SB 168, effective upon enactment on May 15, 2008 in reference to requirements for hazardous waste facilities. If ownership of a hazardous waste facility is being transferred, the party seeking to transfer must provide all appropriate findings to the Department of Natural Resources and Environmental Control and the other party in the transfer. There must be proof of financial assurance to continue to run the business within 60 days of the transfer. A surety bond, letter of credit, insurance, a guarantee, proof of assets, qualifying as a self-insurer, or any other agreement the Secretary of the Department finds acceptable is needed to ensure the regulations regarding the requirements for maintaining the facility, the amount of chemicals needed and the amount of chemical waste it produces. The new law applies to facilities reporting a total of at least one million pounds of hazardous substances or chemicals and facilities classified as a “large quantity generator” of hazardous wastes.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.