Waste operators and landfill owners must have plans in place for care, monitoring, remedition, and maintenance of landfill sites for a 30-year period following the closure. Closure and post closure care can be more or less than the 30-year period depending on the state authority or Environmental Protection Agency (EPA) requirements. Care, monitoring, remediation and maintenance plans need to include having financial assurances in place in the event of an environmental disaster so that funds are available for the clean-up if needed.
Financial assurances can include one or a combination of: an irrevocable letter of credit, cash deposit or trust fund, insurance, surety bonds or other financial guarantees.
In order to apply for a surety bond, the underwriting process will evaluate the landfill location, its proximity of runoff to nearby watersheds, ownership and operators business and personal financial stability, resumes of employees of the company, and operational plans including potential expansion and post closure considerations.
Many states have a bond requirement and a trust fund requirement to ensure that funds are available in the event of any unforeseen issues that may impact the site after the post closure.
The premium that you pay for Closure or Post Closure Bond is dependent on many factors including personal and/or business financial statements and the bond amount required.
Most solid waste regulations require accurate record keeping while the landfill is in operation.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application