There are currently 553,069 active underground storage tanks nationwide storing petroleum and other hazardous substances. These tanks often leak due to corrosion, faulty installation or inadequate maintenance, oftentimes resulting in their contents contaminating surrounding soil and groundwater.
There are 67,056 releases on backlog waiting to be cleaned up by the Environmental Protection Agency. Relying on state funds to clean up a spill can result in out-of-pocket expenses for storage tank owners while they wait for state reimbursement, which can take years. Your clients need coverage to ensure they have readily available funds to assist them in the cleanup of a spill.
Storage Tank Coverage provides access to coverage for first party clean up and third party property damage or bodily injury as well as defense limits in the event your clients are accused of contamination to a third party.
Coverage Details and Features
- Meets federal financial responsibility requirements
- 1st party cleanup and 3rd party BI/PD available
- Higher limits available for multiple locations
- Multiple location discount available
- Deductibles starting as low as $1,000
- State fund deductible buy-back limits available
- Business Interruption – First party coverage for loss of income resulting from a covered release.
- Natural Resource Damages – Designed to return injured natural resources such as groundwater supplies to baseline conditions
(including but not limited to)
- Convenience stores
- Colleges & universities
- Bus garages
- Private nursing facilities
- public utilities
- Construction companies
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