What is Storage Tank Liability?
- The Storage Tank Liability policy provides coverage for cleanup costs at a tank owner’s facility due to releases from scheduled tanks on the policy. Coverage is also provided for third party bodily injury and property damage claims emanating from scheduled tanks on the policy. Policies are written on a claims made basis.
- This coverage is offered by carriers rated “A” or better.
- Available product enhancements include: Admitted paper for underground storage tanks, Loading/Unloading coverage, and adding new facilities to existing policies midterm.
Why is Storage Tank Liability important?
- It provides legal defense for third party claims made against the tank owner. Because a policy/certificate satisfies federal and state requirements for financial responsibility, and in many cases, is required to conduct business.
Who is the Target Customer for Storage Tank Liability?
- Gas stations, convenience stores, schools, golf courses, car dealerships, and airports.
- Tank owners and operators needing evidence of financial responsibility.
- Tank owners/operators not satisfied with the protection provided by state funds.
How do I apply for a Storage Tank Liability indication?
- Follow the above link for an application, then complete and return to your Regional Account Executive along with any supporting underwriting information.
- Please note coverage will be on a non-admitted basis. E&S taxes will apply.
What is an Aboveground Storage Tank (AST)?
An aboveground storage tank (AST) is any tank with associated piping and connected equipment which has more than 90% of its volume above ground.
What is an Underground Storage Tank (UST)?
An underground storage tank (UST) is any tank with associated piping and connected equipment which has more than 10% of its volume below ground.
- Storage Tanks: Frequently Asked Questions
- Storage Tank Liability Coverage 101
- Top 3 Reasons to Review Your Tank Accounts
- Financial Assurance for Storage Tanks
Minimum premium starting at $350, with deductibles start at $2,500. Limits of liability start at $500,000 /$1,000,000