Maine Reclamation Bond

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.

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.

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