La. Admin. Code tit. 33 § XI-1105
A. When used in this Chapter, the following terms shall have the meanings given below.
Accidental Release-any sudden or nonsudden release of petroleum arising from operating an underground storage tank 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- shall have the meaning given to this term by applicable state law; however, this term shall not include those liabilities which, consistent with standard insurance industry practices, are excluded from coverage in liability insurance policies for bodily injury.
Controlling Interest- direct ownership of at least 50 percent of the voting stock of another entity.
Financial Reporting Year-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 Utilities Service. Financial reporting year may thus comprise a fiscal or a calendar year period.
Legal Defense Cost- any expense that an owner or operator or provider of financial assurance incurs in defending against claims or actions brought:
a. by EPA or a state 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.
Occurrence- an accident, including continuous or repeated exposure to conditions, which results in a release from an underground storage tank.
Note: This definition is intended to assist in the understanding of these regulations and is not intended either to limit the meaning of occurrence in a way that conflicts with standard insurance usage or to prevent the use of other standard insurance terms in place of occurrence.
Owner or Operator- when the owner and operator are separate parties, refers to the party that is obtaining or has obtained financial assurances.
Petroleum Marketing Facilities- all facilities at which petroleum is produced or refined, and all facilities from which petroleum is sold or transferred to other petroleum marketers or to the public.
Petroleum Marketing Firms- all firms owning petroleum marketing facilities. Firms owning other types of facilities with USTs as well as petroleum marketing facilities are considered to be petroleum marketing firms.
Property Damages- shall have the meaning given this term by applicable state law. This term 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 that are covered by the policy.
Provider of Financial Assurance- an entity that provides financial assurance to an owner or operator of an underground storage tank through one of the mechanisms listed in LAC 33:XI.1111-1125, including a guarantor, insurer, risk retention group, surety, issuer of a letter of credit, or the state Underground Motor Fuel Storage Tank Trust Fund.
Substantial Business Relationship- the extent of a business relationship necessary under applicable 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.
Tangible Net Worth- the tangible assets that remain after deducting liabilities; such assets do not include intangibles such as goodwill and rights to patents or royalties. For purposes of this definition, assets means all existing and all probable future economic benefits obtained or controlled by a particular entity as a result of past transactions.
La. Admin. Code tit. 33, § XI-1105