Chubb Whitepaper Examines Increasing Regulatory Complexities Impacting Owners and Operators of Underground Storage Tanks
New federal regulations include provisions for more spill-resistant tanks and piping, more frequent inspection and testing, as well as more extensive training and record-keeping. As part of the current regulations, tank owners must also demonstrate a minimum of
According to the EPA, the agency currently regulates more than 558,000 active underground storage tanks at an estimated 200,000 sites, and reports that 30 percent of tank owners and operators are deemed out of compliance.
"Tank operators must pay greater attention to compliance as a result of the new requirements being put into place by the
"Smaller tank operators may be especially vulnerable if they lack risk management expertise. They may not have the financial resources or knowledge to adequately train their staff; maintain, monitor and register their tanks; or even properly report spills or leakages," Winterburn continued. "Chubb has helped companies of all sizes identify and fill potential coverage gaps and mitigate the risks associated with tank ownership and management for more than 15 years. Our TankSafe® portal provides customers with an easy and efficient way to secure commercial storage tank insurance."
Chubb TankSafe is a fully-automated internet-based system for commercial underground and aboveground storage tank insurance. It is designed specifically to make an otherwise complicated process both user-friendly and efficient, from submission through policy and financial responsibility certificate issuance. It combines underground and aboveground storage tank coverage in a single policy and is provided on an admitted basis in both the
To learn more about the new federal requirements and their impact on tank owners and operators, download the whitepaper here. For more information on Chubb's solutions, click here.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in
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SOURCE Chubb
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