As per the U.S. Environmental Protections Agency all operators of municipal solid waste landfills (MSWLFs) are required to demonstrate that they will be able to pay for the required closure and post-closure care activities, and any corrective action that might become necessary due to releases of contaminants into the surrounding environment. EPA believes that requiring these financial assurance demonstrations ensures proper long term financial planning by operators so that sites will be closed properly and maintained and monitored in a manner that protects human health and the environment. There are several allowable financial assurance mechanisms described in the federal regulations, one of the most popular being closure bonds and post closure bonds (municipal solid wast landfill surety bond)s. Pursuant to §258.74(b), an operator may obtain a payment or performance surety bond from a surety company that guarantees that the operator will pay for or perform all required closure and post-closure care. For corrective action, an operator may obtain a performance bond only. If the operator fails to meet the requirements specified in the bond, the surety company assumes liability and must pay for, or perform all, the required activities specified in the landfill bond. When using a surety bond to demonstrate financial assurance, the operator also must establish a standby trust fund into which the surety company will make payments if the operator fails to fulfill its responsibilities. These surety bonds are onerous, long term, non-cancelable and can represent very large exposures to a surety company.
Surety One, Inc., an environmental surety specialist offers landfill bond capacity for all phases of landfill operation. Regardless of your waste disposal class and geographic footprint, we will offer terms. Visit us at SuretyOne.com, call (800) 373-2804, or email Underwriting@SuretyOne.com for information or application procedures for a municipal solid waste landfill surety bond.
