2013 Idaho Statutes
Title 41 - INSURANCE
Chapter 49 - PETROLEUM CLEAN WATER TRUST FUND ACT
Section 41-4902 - LEGISLATIVE FINDINGS AND INTENT.
(2) Therefore, it is hereby declared that the intent of the legislature in the passage of this chapter is to create and regulate in the public interest the formation and operation of a liability insurance trust fund that will make contracts of liability insurance available to owners and operators of petroleum storage tanks as defined herein through fair and equitable insurance contracts issued by a state-licensed nonprofit organization meeting reasonable standards as to its administration, reserves, financial soundness and the prompt and fair payment of claims arising out of the legal liability of the public and private entities protected and insured by these contracts, which will also provide for swift corrective action for releases of petroleum or petroleum products from leaking storage tanks. While the release of petroleum from any storage tank in the state may be a threat to public health and safety and the environment, this fund shall only be available for costs incurred as to those tanks which are covered by a contract of insurance between the owner or operator and the trust fund.
History:
[41-4902, added 1990, ch. 119, sec. 1, p. 267; am. 1991, ch. 59, sec. 1, p. 115.]
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