NY S06831

Requires vessel owners/operators to obtain department approval of financial responsibility evidence before operating a vessel in New York state

Adds annual inflation adjustments (based on Consumer Price Index) to financial responsibility requirements for major petroleum storage facilities, with maximums of $25 per barrel per incident and $2 million per facility per year

Establishes expiration rules for proof of financial responsibility: one year for self-insurance, or upon change/expiration/cancellation of surety bonds, guarantees, insurance agreements, or letters of credit

Requires 30-day advance notice to the department before any change, expiration, or cancellation of financial responsibility proof, and allows the department to revoke acceptance if obtained through fraud or changed circumstances

Creates new annual reporting requirement for railroad companies transporting crude oil to submit information on their ability to pay for worst-case discharge events, with department recommendations to the legislature on addressing any financial deficiencies