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Storage Tanks

There are currently 17,000 active storage tank systems in Canada storing petroleum and other hazardous substances. These tanks often leak due to corrosion, faulty installation or inadequate maintenance, oftentimes resulting in their contents contaminating surrounding soil and groundwater.

Authorities estimate that 15 percent of Canada’s storage tank systems are more than 20 years old with no leak detection, corrosion protection or structures to contain releases. Your clients need coverage to ensure they have readily available funds to assist them in the cleanup of a spill.

Storage Tank Coverage through Burns & Wilcox can provide access to coverage for first party clean up and third party property damage or bodily injury as well as defense limits in the event your clients are accused of contamination to a third party. Contact Burns & Wilcox to provide your clients with coverage for commercial storage tanks as well as policies for residential above ground storage tanks

Coverage Details and Features

  • Minimum premium of $1,000
  • Sudden & Accidental & Gradual Coverage available
  • Onsite & offsite clean-up costs
  • Onsite & offsite third party BI and PD
  • Responsible insured clause
  • 60 days’ notice of cancellation
  • Restoration costs
  • Natural resource damages
  • Emergency response costs
  • Multiple tank and multiple sites discounts

Target Classes

(including but not limited to)

  • Service Stations
  • Card Lock
  • Bulk Terminals
  • Transloading Facilities
  • Mobile Fuel Tanks
  • Residential Property Managers
  • Farms
  • Warehouses
  • Construction Companies

Ask an Expert

What does a storage tank pollution policy cover?
Storage tank pollution liability policies cover the costs of cleanup and/or any injury or damage to a third party resulting from an underground or aboveground storage tank leak. We most commonly receive submissions for these policies from petroleum marketers, such as gas stations and convenience stores. Insuring a storage tank is critical because it’s not a matter of if, but when, a tank will leak, and cleanup costs can be very expensive.
Clean-up costs aren’t covered by a professional liability policy?
No -- both general liability and professional liability policies typically exclude losses resulting from pollution. In addition to covering those losses, a storage tank pollution policy ensures that your client meets the EPA’s Financial Responsibility requirement. This requires underground storage tank owners to prove they have the resources needed to clean up a tank leak, mitigate any environmental damage, and compensate third parties for destruction or bodily injury. While aboveground tanks, like generators that fuel hospitals and nursing homes, do not require Financial Responsibility, owners should still access a storage tank pollution liability policy to protect themselves from the costs of a leak.
If my client qualifies for our state’s underground storage tank financial assurance fund, they don’t need insurance coverage, right?
Not necessarily. Currently 35 out of 50 states offer state underground storage tank financial assurance funds, which are designed to serve as a substitute to storage tank liability coverage. State funds work through a wait list, and those delays can be a major inconvenience for clients who want to resume their business operations. Additionally, due to current economic conditions, there is no guarantee that a state’s funds will be available when needed. We encourage agents to recommend an insurance policy to help expedite the cleanup and recovery process, putting your client back in business as soon as possible.

At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.

Storage Tanks: Applications

Please choose the application that best fits your needs.

If you need additional assistance please contact your local office.

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