Information Services - December 2011 Press Releases

 

South Dakota Petroleum Release Compensation Board to Meet with Private Insurers

 


 

South Dakota Petroleum Release Compensation Board

to Meet with Private Insurers

 

For Immediate Release: Friday, December 2, 2011

FOR MORE INFORMATION: Alan Bakeberg, (605) 773-4254

 

PIERRE - The Petroleum Release Compensation Board will hold its annual meeting with insurance industry representatives to determine the viability of private insurance for pollution coverage for petroleum tank owners. The meeting will be held at 1 p.m. on Dec. 15 in the Caille Library meeting room at 1400 S. Carnegie Circle, off West 49th Street in Sioux Falls.

 

South Dakota Codified Law 34A-13-48 requires the Petroleum Release Compensation Board to meet at least annually with private insurance carriers to determine the availability and affordability of private insurance coverage in lieu of continuing the state-operated Petroleum Release Compensation Fund.

 

Petroleum tank owners and private insurance carriers are encouraged to submit written comments regarding petroleum coverage for petroleum tank owners to the Board or appear in person to provide comments on this subject.

 

Written comments can be submitted prior to the Board meeting by email to denrinternet@state.sd.us or to the following address:

 

     Petroleum Release Compensation Fund

     Attention:  Alan Bakeberg

     523 E. Capitol Avenue

     Pierre, SD 57501-3182

 

The Petroleum Release Compensation Fund was established by the 1988 Legislature to provide:

 

                 1. Financial assistance to petroleum tank owners with the cleanup of petroleum releases; and

                 2. Financial assurance coverage to meet federal and state financial assurance requirements related to regulated underground petroleum tanks.

             

The South Dakota Department of Environment and Natural Resources administers the Petroleum Release Compensation Fund, which is funded by a portion of the revenue from a two cents per gallon tank inspection fee on bulk fuel sales.

 

The Petroleum Release Compensation Board is a five-member citizen board appointed by the Governor to advise the Department of Environment and Natural Resources on issues pertaining to petroleum tank release compensation.

 

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