Sunset Solutions: Navigating Financial Assurance for Storage Tanks
Don’t let your state's fund sunsetting leave you in the dark. Help protect your clients today with TankAssure®.
Unlike other types of environmental insurance, the USEPA requires underground storage tank owners to have coverage for spills and third-party liability compensation. Underground storage tanks, commonly found at gas stations, airports, warehousing locations, and other commercial properties, are one of the most common sources of groundwater pollution.
To alleviate this problem, states started setting up funds to alleviate the cost of spills and other expenses. Currently, 35 states have state financial assurance funds. However, each year new states are added to the list of those that will no longer be accepting new business into their state fund insurance. To learn more about state financial assurance funds, read our recent Environmental Insider article about the subject.
We encourage you to explore our storage tank-related resources below to learn about the impact environmental pollution exposures may have on your clients’ operations and to discover the right coverage solutions for them!
Discover What We Cover: Let’s Talk Tanks – Financial Assurance
Discover What We Cover, an environmental insurance podcast, focuses on industry trends, insurance FAQs and our product offerings. Our latest episode focuses on the various ways storage tank owners and operators can satisfy their state’s financial assurance requirements. Listen here!
TankAssure®
This coverage satisfies the federal and state financial assurance requirements imposed on aboveground and underground storage tank owners, while offering comprehensive solutions through an extremely user-friendly online quoting platform.
States ending their financial assurance funds by 2025:
- Alaska
- Arizona
- Colorado
- Connecticut
- Delaware
- Iowa
- Kansas
- Nebraska
- West Virginia
- Wisconsin
Tank Riskopolis
With ever-changing regulatory requirements, we know the unique challenges that storage tank owners may face. Environmental pollution exposure can have disastrous effects on the bottom line and reputation of a business. Whether it is a diesel release during fueling or aging equipment, storage tank exposures may pose an array of environmental and compliance issues. The Storage Tank Riskopolis showcases some of these exposures that could be detrimental to your clients’ businesses.
Navigate Storage Tank Environmental Liability with Ease: Explore More Resources!
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TankAssure Program
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TankAssure Pollution Liability Policy
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Storage Tank Claims Scenarios
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Discover What We Cover: Listen wherever you get your podcasts today!
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TankAssure Quoting Tool
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UST Regulatory Resources
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Environmental Insider Newsletter
Environmental Insider was created for brokers like you, as a source of ideas and innovations to help you grow your business. Read our numerous articles discussing environmental protection for your contracting clients.
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Environmental Broker Toolkit