The environment is a precious heritage that requires protection and care. To ensure the preservation of this heritage, companies operating in the environmental management sector are required to provide a financial guarantee, a security mechanism designed to prevent and address potential environmental damages.
What is the Financial Guarantee?
The financial guarantee is a bond, i.e., a guarantee provided by a third party (guarantor) to cover an obligation of the main debtor. It can be structured as a bank bond or as an insurance bond policy. The primary objective is to ensure that the company can financially account for its actions in case of environmental damage.
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When should it be submitted?
After receiving the acceptance notification for registration or renewal from the Regional Section of the Environmental Managers Register, the company has a precise deadline to present the financial guarantee: 90 days for new registrations and 45 days for renewals. Beware of the terms: non-compliance can result in expiration.
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Who can issue it?
This guarantee can be obtained from banks or insurance companies that are specifically authorized for this type of service. A useful tool for verification is the IVASS website, where you can consult the list of authorized insurance companies.
Amounts and Duration
The amounts of the guarantee vary depending on the category (Category 1, 5, 8, 9, 10). It is essential that the guarantee is valid for seven years: five years corresponding to the registration period and two additional years to cover possible future non-compliances.
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Replacement and Revocation of the Guarantee
Companies can choose to change the guarantor, but some aspects need to be specified in the new bond, such as assuming the past period. At the end of the five-year registration, the guarantee is revoked, but there are some bureaucratic steps to follow, including presenting various documents such as the variation model and the payment certification for the secretarial fee.
The financial guarantee is an essential tool in the field of environmental management. It represents security for the environment and a commitment on the part of companies to operate responsibly. Knowing the details, timelines, and procedures is essential for companies that want to operate in the sector and actively contribute to environmental protection.