Prince Edward Island Storage Tank Liability Insurance
You Need Environmental Insurance!
Imagine this scenario, a local service station received complaints from a neighboring property of gasoline odors, immediately the owner of the Gas Station checked his leak detection system and sure enough there was a major leak from one of the underground tanks.To make things worse the escaped gasoline entered the storm sewer and contaminated the water supply of the surrounding neighbors, the first party costs to clean up the service station property would be major and costs to reduce damage to third party neighbors water supply could be very high also. Hopefully this will never happen to you but this is a typical example of the type of claim a Storage Tank Liability Insurance could respond to.
Again consider this scenario an apartment building owner on a routine inspection of property discovers that the fuel line supply was knocked off the oil storage tank by a piece of falling ice , the oil leaked from the tank into the ground, immediately the Prince Edward Island Department of Environment was called to assess the situation, as they have to be in Storage Tank Pollution Liability Insurance events, and a major clean including soil excavation and removal was conducted under the Departments protocols. The cost of this type of clean up just for the property owner would run in the hundreds of thousands of dollars before the cost of any possible third party damage to neighboring properties was incurred. Again this is the type of claim that Environmental Insurance could respond to.
These situations would not be covered by an ordinary Commercial General Liability Policy which most business already have, pollution is excluded on these policies, sometimes there is a small amount of first party coverage added on the property policy in limits of $20,000 or $50,000 however these amounts are no where near sufficient if a major leak occurs and they offer you no protection from third party claims to neighboring properties. This is why you need proper coverage if you have storage of fuel in your business including heating oil which means most businesses have this exposure. These claims can and have caused financial ruin to businesses and a proper Storage Tank Liability Insurance policy should be considered to protect your business from these devastating types of events.
Coverage is available for owners or operators of businesses with above ground or underground storage tanks, including but not limited to the following that have a definite Environmental Insurance exposure:
- Service stations, independent fuel companies
- Bulk plants, farming
- Construction companies, trucking companies
- Private airports
- Convenience stores, gas bars
- Auto dealerships, car rental agencies
- Multiple unit residential building owners
- Any commercial risk with pollutants contained in a storage tank
Click the attached link for details on coverages available from Encon an industry leader in Storage Tank Pollution Liability Insurance.
Getting protection after the accident is meaningless. And think of it. We are all possibly one mishap away from a devastating Environmental Insurance loss.
At Peake & McInnis Ltd. we have protected the residents and business of PEI since 1912. We know the area. We know the businesses. We know how to protect you with the right type of insurance. Avoiding accidents is not promised to you or anyone else. So, don't delay. Be prepared for life's misfortunes. Complete the Protection Savings Form now and let the professionals at Peake & McInnis Ltd. provide you a Storage Tank Pollution Liability Insurance quotation and protect your hard work from a loss.