The Commissioner of the Department of Environmental Conservation requires any business that manages land or structures that treats or disposes hazardous waste to file a bond. The New York Hazardous Waste bond ensures a business has adequate funds for the proper closure of hazardous waste facilities. Proper closure of hazardous waste facilities includes minimizing the need for further maintenance as well as protecting human health and the environment. Therefore, this bond protects the public and the government from harm and property damage from hazardous waste facilities.
The bond amount equals the funding needed to cover the proper closure of a hazardous waste facility. The Commissioner of the Department of Environmental Conservation determines this bond amount.
The bond premium, or cost, generally runs 1-3% bond amount with good credit. The premium covers bond issuance and keeps the bond active for the year. The state may issue additional costs to file the bond.
The New York Hazardous Waste Bond remains in force during the principal’s license term. If the bond is to be cancelled, the Commissioner of the Department of Environmental Conservation must be notified at least 90 days before the cancellation date.