Underground Storage Tank Liability
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Product Summary
Property owners or business operators who have an underground storage tank containing a petroleum product on their premises are legally required by the EPA to show proof of financial responsibility should the contents of that tank cause any bodily injury or property damage to a third party.
Commercial operations with underground or aboveground storage tanks that should consider purchasing an UST Liability policy include, but are not limited to, gasoline stations, convenience stores, manufacturing operations, building owners, airports, marinas, farmers or any business that uses tanks to store fuel to power emergency generators.
What's Covered?
An Underground Storage Tank Liability policy provides coverage for third-party bodily injury and property damage claims resulting from pollution conditions emanating from scheduled tanks. Corrective actions coverage as a result of a legally required payment for compensatory damages is included. UST policies are offered on a claims made coverage basis. Along with the UST policy, the insurer provides a Certificate of Financial Responsibility to satisfy federal and state requirements. Both aboveground and underground storage tanks can be scheduled on an UST Liability policy.
What Isn't Covered?
An Underground Storage Tank policy does not cover damage due to expected or intended injury, contractual liability, worker’s compensation, employer’s liability, or failure to comply with environmental laws.
What Affects the Cost of the Policy?
The premium is based on the number of tanks on the premises, limits of liability and chosen deductible.