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(430 ILCS 15/6.1) (from Ch. 127 1/2, par. 158.1)
Sec. 6.1.
Financial responsibility.
(a) Each owner or operator shall establish and maintain
evidence of financial responsibility, as provided in this Section, for
taking corrective action and compensating third parties for bodily injury
and property damage.
(b) Each owner or operator shall maintain financial responsibility at
the following minimum amounts:
(1) $10,000 per occurrence for corrective action;
(2) $10,000 per occurrence for bodily injury and |
| property damage to third parties.
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(c) Each owner or operator shall establish and maintain evidence of
financial responsibility by any combination of the following:
(1) commercial or private insurance, including risk
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(2) qualification as a self insurer; or
(3) guarantee, surety bond, letter of credit,
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| certificate of deposit, or designated savings account.
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To qualify as a self insurer under this Section, the owner or
operator must demonstrate net worth equal to or in excess of 10 times the
amount specified in subsection (b) of this Section.
(d) The establishment and enforcement of standards for the financial
responsibility of the owners and operators of underground storage tanks and
associated piping are exclusive powers and functions of the State. A home
rule unit may not regulate or establish standards for the financial
responsibility of the owners and operators of underground storage tanks.
This Section is a denial and limitation of home rule powers and functions
under subsection (h) of Section 6 of Article VII of the Illinois Constitution.
(Source: P.A. 87-323.)
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