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Underground Storage Tank Insurance

underground-storage-tank-insuranceUnderground Storage Tank Insurance Coverage Description

An underground storage tank system is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. The federal UST regulations apply to only underground tanks and piping storing either petroleum or certain hazardous substances.
 
The underground storage tank program is primarily implemented by states and territories. Your first point of contact is the state or territorial regulatory agency that has jurisdiction where the USTs are physically located. In Illinois it is Illinois Environmental Protection Agency (IEPA).

Commercial Storage Tank insurance provides coverage for releases commencing after the policy retroactive dates that emanated from scheduled storage tank systems for clean-up costs on site as well as third party losses. The coverage can be used to meet US EPA financial responsibility requirements.

Highlights of our Commercial Storage Tank Coverage

  • Claims-made coverage
  • Coverage for releases that start after the retroactive date on the policy
  • Coverage for releases from scheduled storage systems
  • Pays for necessary corrective action to clean up contamination from scheduled storage tanks
  • Pays compensation for bodily injury and property damage to third parties that an insured is legally obligated to pay as a result
  • Of a release from scheduled tank system
  • Meets U.S. EPA Financial Responsibility requirements
  • Defense is provided outside the limit of liability
  • Covers for spills from loading and unloading necessary to operate the tank system
  • Coverage usually with limits of $1,000,000 for each claim and $1,000,000 for all claims
  • Can offer up to $50,000,000

Eligibility Requirements

  • Underground and above ground tanks with no age limit
  • Petroleum based contents
  • Tanks which are in U.S. EPA compliance
  • Underground storage tanks with capacity up 50,000 gallons
  • Above ground storage tanks with capacity up to 100,000 gallons
  • Total combined capacity at location up to 200,000 gallons

More Regulatory Information
U.S. Environmental Protection Agency
Illinois Environmental Protection Agency (IEPA)

Financial Insurance