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The Michigan Department of Licensing and Regulatory Affairs (LARA), Bureau of Fire Services, Storage Tank Division, is a regulatory agency that promotes safe storage and handling of flammable and combustible liquids. The Division enforces the state rules and regulations through oversight for tanks above ground and underground and the storage of regulated substances. This includes new tank installation, plan reviews, removal of existing tanks, inspections and other administrative functions. The Storage Tank Division of Michigan Statutory Authority Part 211 of the Underground Storage Tank Regulations of the 1994 PA 451, amended requires a form of financial responsibility for the annual registration of underground storage tanks (UST’s).
Owner/operators must also provide proof of financial responsibility. This includes obtaining a surety bond in the amount or either $2,000 or $10,000 based on the state requirement. Or by providing another form of financial responsibility acceptable to the state. If a surety bond is chosen as the form of financial responsibility used, both owners and tenants must both be registered with LARA and both may be required to be named in the bond depending on the terms of the lease agreement or contract of the property. LARA will determine who is to be named on the surety bond.
The premium that you pay for a Michigan Financial Responsibility for Underground Storage Tank Surety Bond is dependent on the bond amount required and personal credit.
Global underground gas storage is expected to increase by more than 200 billion cubic meters by 2030 from the current day storage of approximately 377 billion cubic meters.
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Check out our FAQ page. Should you need or choose to buy a surety bond, 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.
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