A new Maine bill that was recently enacted will require a surety bond of owners/operations for oil terminal facilities.
Details on the New Requirement
The bill, effective 01/01/2021, ensures the proper closure of oil terminal facilities and require financial assurance of an owner or operator of such a facility in an amount no less than $2,000,000 established, subject to the approval of the department, by one or a combination of the following: insurance and risk retention group coverage, guarantee, surety bond, letter of credit or trust fund.
How to Apply for a Surety Bond
If you find that you must obtain this surety bond, you’ll need to contact a bond provider who is licensed to to business in Maine. JW Surety Bonds is licensed nationwide, so please apply for a free quote online, or feel free to reach out to us if you’d like assistance with obtaining this bond.