Provision 11: Insurance, Closure Plan, and Financial Responsibility

Question 1

Provision 11

Insurance, Closure Plan, and Financial Responsibility

Answer 1

An R2:2013 electronics recycler shall possess insurance that is adequate to cover the potential risks and liabilities associated with the nature and size of the facility’s operations and shall have adequate legal and financial assurances in place for the proper closure of its facility.

Question 2

Requirements:

Section a

Answer 2

The R2:2013 electronics recycler shall be able to demonstrate that it has evaluated the risks arising from its certification activities and that it has adequate insurance or reserves to cover liabilities, including environmental pollution and worker health and safety, arising from its operations in each of its fields of activities and the geographic areas in which it operates.

Question 3

(Section b)

Answer 3

An R2:2013 electronics recycler shall develop and maintain a current, written plan and a sufficient financial instrument that assures proper closure of the facility and assures against abandonment of any electronic equipment, and components and materials from such equipment.

Question 4

(Subsection 1)

Answer 4

Financial instruments must be assigned to an independent party or corporate parent with
responsibility for closure, and the assignment must be consistent with applicable law, and

Question 5

(Subsection 2)

Answer 5

Financial instruments shall consider the risks identified in Section (a) and applicable law, including reasonably foreseeable costs of processing remaining inventory, sampling for environmental contamination, and site remediation to restore premise to sellable condition,

Question 6

(Subsection 3)

Answer 6

Closure plans shall consider the risks identified in Section (a) including details assigning responsibility for closure, funding information, and plans for inventory processing, environmental sampling, and site remediation as needed.