310 CMR, § 80.51
The following definitions shall apply only to 310 CMR 80.51 through 80.63. Note: The definitions in 310 CMR 80.51 are intended to assist in the understanding of 310 CMR 80.00 and are not intended either to limit the meaning of the terms in a way that conflict with standard insurance usage or to prevent the use of other standard insurance terms in place of defined terms.
Accidental Release means any sudden or nonsudden release of a regulated substance from a UST system that results in a need for corrective action and/or compensation for bodily injury or property damage neither expected nor intended by the tank Owner or Operator.
Bodily Injury means substantial impairment of the physical condition including, but not limited to, any burn, fracture of any bone, subdural hematoma, injury to any internal organ, or any injury which occurs as the result of repeated harm to any bodily function or organ, including human skin, however, Bodily Injury shall not include those liabilities which, consistent with standard insurance industry practices, are excluded from coverage in liability insurance policies for bodily injury.
Chief Financial Officer means, in the case of local government Owners and Operators, the individual with the overall authority and responsibility for the collection, disbursement, and use of funds by the local government.
Controlling Interest means direct ownership of at least 50% of the voting stock of an entity.
Financial Reporting Year means the latest consecutive 12-month period for which any of the following reports used to support a financial test is prepared:
(a) a 10-K report submitted to the SEC;
(b) an annual report of tangible net worth submitted to Dun and Bradstreet; or
(c) annual reports submitted to the Energy Information Administration or the Rural Electrification Administration.
Financial Reporting Year may thus comprise a fiscal or a calendar year period.
General Purpose Local Government means a local government entity that does not perform a single function or limited range of functions. A General Purpose Local Government, includes, but is not limited to, municipalities, counties, townships, towns, villages and parishes.
Guarantor means any person, other than a person liable pursuant to M.G.L. c. 21E, § 5, who provides evidence of financial responsibility pursuant to M.G.L. c. 21O.
Legal Defense Cost means any expense that an Owner or Operator or provider of financial assurance incurs in defending against claims or actions brought:
(a) By the Environmental Protection Agency (EPA) or the Commonwealth to require corrective action or to recover the costs of corrective action;
(b) By or on behalf of a third party for bodily injury or property damage caused by an accidental release; or
(c) By any person to enforce the terms of a financial assurance mechanism.
Local Government means:
(a) Cities, municipalities and towns, separately chartered and operated special districts (including, but not limited to. local government public transit systems and redevelopment authorities), and independent school districts authorized as governmental bodies by state charter or constitution in the Commonwealth; and
(b) Special districts and independent school districts established by cities, municipalities or towns, and other general purpose governments to provide essential services.
Occurrence means an event, including continuous or repeated exposure to conditions, which results in a release from a UST system.
Property Damage means injury to real or personal property. Property Damage shall not include those liabilities which, consistent with standard insurance industry practices, are excluded from coverage in liability insurance policies for property damage. However, such exclusions for property damage shall not include corrective action associated with releases from tanks which are covered by the policy.
Provider of Financial Assurance means an entity that provides financial assurance to an Owner or Operator of a UST system through one of the mechanisms listed in 310 CMR 80.54(1) through (11), including a guarantor, local government guarantor, insurer, risk retention group, surety, issuer of a letter of credit, the Underground Storage Tank Petroleum Product Cleanup Fund, or the Commonwealth.
Substantial Business Relationship means the extent of a business relationship necessary under Massachusetts state law to make a guarantee contract issued incident to that relationship valid and enforceable. A guarantee contract is issued "incident to that relationship" if it arises from and depends on existing economic transactions between the guarantor and the Owner or Operator.
Substantial Governmental Relationship means the extent of a governmental relationship necessary under Massachusetts state law to make an added guarantee contract issued incident to that relationship valid and enforceable. A guarantee contract is issued "incident to that relationship" if it arises from a clear commonality of interest in the event of a UST release such as coterminous boundaries, overlapping constituencies, common ground-water aquifer, or other relationship other than monetary compensation that provides a motivation for the guarantor to provide a guarantee.
Termination means only those changes that could result in a gap in coverage such as where the insured has not obtained substitute coverage or has obtained substitute coverage with a different retroactive date than the retroactive date of the original policy.
310 CMR, § 80.51