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Storage Tanks

There are 553,069 underground storage tanks storing petroleum or hazardous substances, and the number of backlogged cleanups exceeds 67,000

When operating or owning a storage tank, it is important that the tank is maintained and checked routinely. If the tank is leaking or becomes damaged, the spilled gas or oil can contaminate the neighboring area. This could result in the storage tank owner being held liable for costly clean-ups and third-party damages. These situations are not covered by standard General Liability policies and require specific coverage.

Storage Tank Coverage through Burns & Wilcox builds on general liability policies to provide coverage specific to the unique environmental needs of operating or owning a storage tank. As a leading provider of excess and specialty insurance, Burns & Wilcox can provide intelligent insurance solutions to cover your clients from environmental exposures that may cause damage to their storage systems resulting in financial strain.

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 and Extra Expense – 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 and compensate the public for the interim loss of injured resources stemming from a covered release.

Target Classes

(including but not limited to)

  • Convenience stores
  • Colleges & universities
  • Bus garages
  • Hospitals
  • Private nursing facilities
  • Farms
  • Municipalities
  • public utilities
  • Construction companies

Ask an Expert

What does a storage tank pollution policy cover?
Storage tank pollution liability policies cover the costs of cleanup and/or any injury or damage to a third party resulting from an underground or aboveground storage tank leak. We most commonly receive submissions for these policies from petroleum marketers, such as gas stations and convenience stores. Insuring a storage tank is critical because it’s not a matter of if, but when, a tank will leak, and cleanup costs can be very expensive.
Clean-up costs aren’t covered by a professional liability policy?
No -- both general liability and professional liability policies typically exclude losses resulting from pollution. In addition to covering those losses, a storage tank pollution policy ensures that your client meets the EPA’s Financial Responsibility requirement. This requires underground storage tank owners to prove they have the resources needed to clean up a tank leak, mitigate any environmental damage, and compensate third parties for destruction or bodily injury. While aboveground tanks, like generators that fuel hospitals and nursing homes, do not require Financial Responsibility, owners should still access a storage tank pollution liability policy to protect themselves from the costs of a leak.
If my client qualifies for our state’s underground storage tank financial assurance fund, they don’t need insurance coverage, right?
Not necessarily. Currently 35 out of 50 states offer state underground storage tank financial assurance funds, which are designed to serve as a substitute to storage tank liability coverage. State funds work through a wait list, and those delays can be a major inconvenience for clients who want to resume their business operations. Additionally, due to current economic conditions, there is no guarantee that a state’s funds will be available when needed. We encourage agents to recommend an insurance policy to help expedite the cleanup and recovery process, putting your client back in business as soon as possible.

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