The South Carolina Department of Health and Environmental Control (DHEC) requires financial Assurance for operators of Solid Waste facilities. The closure or post-closure monitoring costs are estimated to be $10,000 per year for any site. Also, the operator must demonstrate that the financial resources are available to ensure that all appropriate cleanup and maintenance requirements will be met during the closure period for a particular site. Failure to uphold these standards can result in suspension or revocation of their license. Financial Assurance is a type of security that ensures an obligation can be fulfilled. In this case, it provides that cleanup activities at a solid waste disposal facility will be funded if they are not covered by insurance or other financial instruments. This file is an article on financial assurance requirements from DHEC with guidelines and explanations on how to meet those obligations as an operator of a solid waste management facility in South Carolina.
Solid Waste Financial Assurance Requirements
Financial Assurance is required by the state of South Carolina and is a type of security that ensures an obligation can be fulfilled. In this case, it provides that cleanup activities at a solid waste disposal facility will be funded if they are not covered by insurance or other financial instruments. The financial assurance amount is based on the amount of waste disposed of at the site during its operation. The higher the disposal volume, the more significant the financial assurance amount. At a minimum, the financial assurance amount must be $10,000 per year for any given site. To calculate the financial assurance amount, you must estimate the waste disposed of at the site during its operation. You can calculate the amount of trash disposed of in a given period, such as one year. You can also use the waste disposed of in the final quarter of the site’s operation. To calculate the amount of trash disposed of in a period, you can use the formula: Amount of Waste Disposed of = Total tons of waste disposed of X tons per cubic yard X number of cubic yards. Suppose you are using the final quarter of site operation to calculate the amount of trash disposed of. In these, you must use the same method of calculating tons per cubic yard and the number of cubic yards used during the entire period of operation.
Financial Assurance Requirements for an Operator of a Solid Waste Management Facility
Financial Assurance is the legally binding agreement that the operator of a solid waste management facility will pay for the closure and post-closure activities for a site. The state of South Carolina requires financial Assurance for operators of solid waste facilities. The closure or post-closure monitoring costs are estimated to be $10,000 per year for any site. Also, the operator must demonstrate that the financial resources are available to ensure that all appropriate cleanup and maintenance requirements will be met during the closure period for a particular site. Failure to uphold these standards can result in suspension or revocation of their license. Financial Assurance is a type of security that ensures an obligation can be fulfilled. In this case, it provides that cleanup activities at a solid waste disposal facility will be funded if they are not covered by insurance or other financial instruments.
Summary
Financial Assurance is the legally binding agreement that the operator of a solid waste management facility will pay for the closure and post-closure activities for a site. The state of South Carolina requires financial Assurance for operators of solid waste facilities. The closure or post-closure monitoring costs are estimated to be $10,000 per year for any site. Also, the operator must demonstrate that the financial resources are available to ensure that all appropriate cleanup and maintenance requirements will be met during the closure period for a particular site. Failure to uphold these standards can result in suspension or revocation of their license. Financial Assurance is a type of security that ensures an obligation can be fulfilled. In this case, it provides that cleanup activities at a solid waste disposal facility will be funded if they are not covered by insurance or other financial instruments.
