NY S08703

Requires vessel owners or operators to obtain department approval of financial responsibility evidence before operating a vessel in New York State.

Establishes inflation-adjusted financial responsibility requirements for major facilities, with base amount of $25 per barrel of storage capacity, capped at $1 million per incident and $2 million annually per facility, with annual adjustments based on consumer price index effective September 1st.

Permits financial responsibility to be demonstrated through insurance, surety bonds, guarantees, letters of credit, self-insurance, or other acceptable methods.

Adds new provisions requiring railroads transporting crude oil to annually submit information to the department regarding their financial ability to pay for discharge incidents, with the department publishing this information and providing recommendations to the legislature.

Regulations implementing requirements for major facilities shall not take effect for 48 months after the act becomes effective.