Senate plan mandates coverage for heating oil spills
The measure, which unanimously passed the state
Since 2010,
But the bill's primary sponsor, state Sen.
She said the lack of coverage leaves them exposed to the cost of cleaning up contamination from spills, which can run hundreds of thousands of dollars.
"Current law requires insurers to make [the coverage] available, but they don't have to talk about it," Gobi said in remarks Thursday. "It's a problem."
Gobi claimed that getting the basic coverage won't cost much – roughly
She said that cost would likely drop even further if hundreds of thousands of homeowners are eventually covered under the proposed changes.
"The cost of remediation is expensive and can force residents to seek risky financial maneuvers," Gobi said. "It is only fair that the state take actions to protect its citizens from this danger."
Gobi said the proposal includes exemptions for insurers to deny coverages if it is determined that homeowners didn't follow state rules for oil heating systems.
The measure passed with bipartisan support, and Senate Minority Leader
Hundreds of leaks from home residential heating oil systems are reported every year, according to the state
Cleaning up a "simple" spill can cost homeowners up to
MassDEP maintains a database of contamination cleanups that details hundreds of residential home heating oil spills dating back several years.
Donegal Group Inc. Announces First Quarter 2022 Results
First American Financial Reports First Quarter 2022 Results
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News