Sec. 59.11. Insurance.
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/il/chapter-415/act-5/59-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 59.11. Insurance.
(a)The owner or operator of a carbon sequestration facility permitted in accordance with this Act shall maintain insurance to cover wrongful death, bodily injuries, property damages, and public or private losses related to a release from the carbon sequestration facility from an insurer holding at least an A- rating by an AM Best or equivalent credit rating agency. Such insurance shall be in an amount of at least $25,000,000.
(b)The owner or operator of a carbon sequestration activity permitted in accordance with this Act must maintain insurance required by this Section throughout the period during which carbon dioxide is injected into the sequestration site, throughout the post-injection time frame, and until the Agency certifies that the carbon sequestration facility is closed.
(c)The insurance policy must provide that the insurer may not cancel or terminate, except for failure to pay the premium.
(d)The insurance policy must allow for assignment to a successor owner or operator. The insurer shall not unreasonably withhold consent to assignment of the insurance policy.