The state of Wisconsin enacted a law named SB 273. The new law requires all retail providers of liquefied petroleum gas to be licensed; including the preservation of proof of financial accountability in the amount of $1 million per incidence with an annual aggregate of $2 million. The funds generated by the requirement will be used for reimbursing third parties for any property loss/damage or bodily injury directly related to the release of petroleum gas. When it comes to retailers who fill gas tanks for the state DOT or engine/recreational vehicle fuel tanks, the limits shift to $500,000 per incidence with an annual aggregate of $1 million. Forms of satisfactory proof of financial accountability include an irrevocable letter of credit, a surety bond, or a commercial general liability insurance policy. If a surety bond is acquired, it must be written by any surety company that is listed on the U.S. Department of the Treasury’s Circular 570. The retailer must give 60 days notice to the Department of Commerce before failing to renew or terminating the bond, letter of credit or insurance policy.
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.