Financial assurances

EPA requires financial assurances from landfills and any sites which accept any prescribed waste for the purposes of reprocessing, treatment, storage or disposal; or which generate and then reprocess, treat, store or dispose of certain wastes.

Financial assurances are intended to provide a guarantee that the costs of remediation, site closure and post-closure liabilities are not borne by the community in the event of the occupiers of the premises abandoning the site, becoming insolvent or incurring clean up costs beyond their financial capacity.

For more information see:

• EPA Publication 456.1 – Guidelines for Determining Financial Assurances Schedule 4 Premises (Adobe PDF file, 106KB) and
• EPA Publication 777 – Determination of Financial Assurances for Landfills (Adobe PDF file, 94KB).

From 1 July 2007, EPA may require a financial assurance to be provided for some contaminated sites. Such a requirements will be established through a notice. Guidelines for where EPA will require this and the calculation of a Financial Assurance are currently being drafted. Financial assurance will be required where EPA determines that it is necessary to ensure that sufficient funds are available to manage the site and reduce the likelihood of the the state being left with a liability. EPA will be contacting those sites that may need a financial assurance.

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